Our group studied the Kahneman & Tversky (1984) paper, "Choices, Values and Frames". This is a really good paper to start with on the subject. The abstract provides a succinct summary of their findings:
- Risk aversion for gains
- Risk seeking for losses
- Overweighting of sure things and those with very small probabilities
- Invariance: different descriptions of the same outcomes lead to different choices. This shouldn't be the case under the invariance criterion
- Negative outcomes might be more acceptable if described as a cost rather than a loss
- The value of an experience is important
The relevance of these findings can be applied in numerous situations. For example:
- Politics: describing outcomes in the most advantageous way for your particular cause
The presentations from the other groups highlighted the further work that has been done with regard to framing effects and some of the contradictory results.
All worth knowing if you ever need to persuade people to take a particular course of action. Unless, of course, they're psychology students and fully aware of such tactics!
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