A Dual-process Model of Framing Effects in Risky Choice

Abstract

This work investigates the intuitive and deliberative cognitive processes underlying risky decision-making by manipulating time pressure. A recent fMRI study by De Martino et al. (2006) found greater activation of the amygdala when exhibiting framing effects suggesting that they may be driven by System 1. Because this system is characterized as being fast, we expect more pronounced framing effects under time pressure. In our experiment, we manipulated time pressure and accuracy and use a dynamic dual-process model to explain our results. The model we develop is a sequential sampling model in which the drift rates and boundaries vary in accordance with the thinking modes, frames, and time pressure.


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