Meta-analysis examining the relationship between framing effect and risky decisions

Abstract

This study employed a meta-analysis to investigate the relationship between the framing effect and risky decisions. A systematic searched was conducted for relevant literature published in 12 electronic databases: Google Scholar, ProQuest Dissertations, Springer, Web of Science, PubMed, EBSCO, Elsevier SDOL, Chongqing VIP Information Co., WANFANG DATA, Chinese Selected Doctoral Dissertations and Master's Theses Full-Text Databases, and the China National Knowledge Infrastructure. A total of 40 relevant studies were identified, comprising a sample of 17,416 participants. The analysis employing the random-effects model revealed a statistically significant main effect of the framing effect on risky decisions (OR = 2.467). The moderator effect analysis revealed that problem domains and age served as moderating factors in the relationship between risky decisions and the framing effect, respectively. Culture, however, did not exert a moderating influence on the framing effect or risky decision-making. Specifically, individuals exhibited heightened susceptibility to the framing effect when making risky decisions in the problem domain of life-death, as compared to the problem domains of study and money. Adolescents, in contrast, were more vulnerable to the framing effect in making risky decisions than adulthood.