Contextual framing effects on risk aversion assessed using the bomb risk elicitation task

Benedicta Hermanns and Johanna Kokot

Economics Letters, 2023, vol. 229, issue C

Abstract: We examine the impact of framing on individuals’ risk-taking behavior in the context of health risks during the coronavirus outbreak. We elicit risk attitudes from a sample of 3385 individuals across seven European countries using an incentivized decision-making task. Participants are randomly assigned to one of three versions of the task: one involving the risk of a bomb explosion, one involving the risk of contracting an infectious disease, and one involving opening an empty box. We find that the framing of the task significantly affects risk-taking behavior, with participants exhibiting greater risk aversion in the health task than in the bomb or neutral task. This framing effect is observed in the majority of the countries studied.

Keywords: Risk aversion; Risk attitudes; Risk elicitation; Framing effects; Experiment; Domain generality (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:229:y:2023:i:c:s0165176523002525

DOI: 10.1016/j.econlet.2023.111227

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