Since these problems are all fictitious, there are obviously no absolute right or wrong answers. However, several scholars have studied patterns of responses and the relationship of those responses laws of probability. According to the researchers, the formulation of choice problems causes significant shifts in preferences. These inconsistencies are linked to “variations in the framing of acts, contingencies, and outcomes, and the characteristic nonlinearities of values and decision weights. The demonstrated effects are large and systematic, although by no means universal. They occur when the outcomes concern the loss of human lives as well as in choices about money” (Tversky and Kahnemann, p. 457)

Questions

How Biased Is Your Decision Making?