High But Not Low Probability of Gain Elicits a Positive Feeling Leading to the Framing Effect.

Human risky decision-making is known to be highly susceptible to profit-motivated responses elicited by the way in which options are framed. In fact, studies investigating the framing effect have shown that the choice between sure and risky options depends on how these options are presented. Interestingly, the probability of gain of the risky option has been highlighted as one of the main factors causing variations in susceptibility to the framing effect. However, while it has been shown that high probabilities of gain of the risky option systematically lead to framing bias, questions remain about the influence of low probabilities of gain. Therefore, the first aim of this paper was to clarify the respective roles of high and low probabilities of gain in the framing effect. Due to the difference between studies using a within- or between-subjects design, we conducted a first study investigating the respective roles of these designs. For both designs, we showed that trials with a high probability of gain led to the framing effect whereas those with a low probability did not. Second, as emotions are known to play a key role in the framing effect, we sought to determine whether they are responsible for such a debiasing effect of the low probability of gain. Our second study thus investigated the relationship between emotion and the framing effect depending on high and low probabilities. Our results revealed that positive emotion was related to risk-seeking in the loss frame, but only for trials with a high probability of gain. Taken together, these results support the interpretation that low probabilities of gain suppress the framing effect because they prevent the positive emotion of gain anticipation.