Risk Style, Regulatory Focus, and the Situation in Risky Choice Decision Making
Type of Degreedissertation
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The present study investigated how two individual differences (risk style and regulatory focus) and three situational manipulations (order of problem context, order of frame, and order of chance) influenced participant behavior on risky choice decisions. Three hundred and thirty-six undergraduates completed the Domain-Specific Risk-Taking (DOSPERT) scale, the Regulatory Focus Strategies Scale (RFSS), and 20 risky choice decision problems. An overall framing effect was demonstrated, with the effect being stronger for men than women. Logistic regression analyses indicated no association between participant risk style and decision making. However, a significant relationship was identified between participant regulatory focus and decision making. The three situational difference variables all significantly predicted decision making as well. A supplementary analysis revealed a significant four-way interaction of regulatory focus, order of problem context, order of frame, and order of chance. Limitations and directions for future research are discussed.