Suppose a researcher is running an experiment. Each participant is given $10. Half of the participants are presented with option (1): "Would you accept a fifty-fifty chance of losing $3 or gaining $5?" The other half are presented with option (2): "Would you accept a fifty-fifty chance of gaining either $7 or $14?" Knowing that individuals are subject to _______, we would expect higher acceptance rates for participants offered with option (2).
A)framing bias
B)time inconsistency
C)status quo bias
D)anchoring bias

Question

Quizplus · Accepted Answer

Framing bias explains how people react differently to a particular choice depending on how it is presented, such as a loss or gain. In this scenario, option (2) is framed positively (gaining money), likely leading to higher acceptance rates compared to option (1), which involves a potential loss.

Suppose a Researcher Is Running an Experiment