The Best Theory for Decision Making with Framed Information
Previous studies established that the information framed in different ways leads to distinct decisions. In general, framing is tested using two main theories, including Prospect and Fuzzy-Trace. This study compares the two theories to determine the better one in explaining a phenomenon. It also examines two conditions that might influence decision making regarding risk-taking or avoidance. Additionally, the study focuses on three main things, including preparing for decision alternatives, precisely positive frame, and negative frame, Making decision alternatives with a different theory, precisely Prospect and Fuzzy-Trace Theory, and the level of responsibility for previous related choices. Experimental research was used with a between-subject design 2x2x2. The participants include 180 students and 16 people for first and second pilot projects, as well as 81 doctoral students for a real experiment. The results of the study showed that decision making is different when information is framed positively or negatively. In using different theories for decision making, a considerable number of individuals are willing to take risks, though many also avoid. When someone is responsible or not for the initial investment, different decisions are made.