Individual differences in a switch from risk-averse preferences for gains to risk-seeking preferences for losses: Can personality variables predict the risk preferences?

Journal of Risk Research

Volumn 11, Issue 5, 2008, Pages 673-686

  Li, Shu ^a   Liu, Chang Jiang ^a,b  

^a INSTITUTE OF PSYCHOLOGY   (China)

^b UNIVERSITY OF CHINESE ACADEMY OF SCIENCES   (China)

Author keywords

Framing effect; Gray hair clouds effect; Myers Briggs Type Indicator; Reflection effect

Indexed keywords

REFLECTION;

FRAMING EFFECT; GRAY HAIR/CLOUDS EFFECT; INDIVIDUAL DIFFERENCES; INFORMATION PROCESSING; MYERS-BRIGGS TYPE INDICATOR; MYERS-BRIGGS TYPE INDICATORS; PERSONALITY TYPES; PERSONALITY VARIABLES; PRACTICAL IMPLICATIONS; REFLECTION EFFECT; REFLECTION EFFECTS; RISK PREFERENCES;

LIGHT REFLECTION;

EID: 48849095008     PISSN: 13669877     EISSN: 14664461     Source Type: Journal    
DOI: 10.1080/13669870802086497     Document Type: Article

References (40)

1. Fagley, N.S., and P.M. Miller. 1997. Framing effects and arenas of choice: Your money or your life? Organizational Behavior and Human Decision Processes 71: 355-71.
2. Fischhoff, B., P. Slovic, and S. Lichtenstein. 1980. Knowing what you want: Measuring labile values. In Cognitive processes in choice and decision behavior, ed. T.S. Wallsten, 117-41. Hillsdale, NJ: Erlbaum.
3. Frisch, D. 1993. Reasons for framing effects. Organizational Behavior and Human Decision Processes 54: 399-429.
4. Furnham, A. 1996. The big five versus the big four: The relationship between the Myers-Briggs Type Indicator (MBTI) and NEO-PI five factor model of personality. Personality and Individual Differences 21: 303-7.
5. Furnham, A., J. Moutafi, and J. Crump. 2003. The relationship between the Revised NEO-Personality Inventory and the Myers-Briggs Type Indicator. Social Behavior and Personality 31: 577-84.
6. Gardner, W.L., and M.J. Martinko. 1996. Using the Myers-Briggs Type Indicator to study managers: A literature review and research agenda. Journal of Management 22: 45-83.
7. Gosling, S.D., V.S.Y. Kwan, and O.P. John. 2003. A dog's got personality: A cross-species comparative approach to personality judgments in dogs and humans. Journal of Personality and Social Psychology 85: 1161-9.
8. Hodgkinson, G.P., N.J. Bown, A.J. Maule, K.W. Glaister, and A.D. Pearman. 1999. Breaking the frame: An analysis of strategic cognition and decision-making under uncertainty. Strategic Management Journal 20: 977-85.
9. Hunt, R.G., F.J. Krzystofiak, J.R. Meindl, and A.M. Yousry. 1989. Cognitive style and decision making. Organizational Behavior and Human Decision Processes 44: 436-53.
10. Jung, C.G. 1964/1968. Analytical psychology: Its theory and practice. New York: Pantheon Press.
11. Kahneman, D., and A. Tversky. 1979. Prospect theory: An analysis of decision under risk. Econometrica 47: 263-91.
12. _. 1982. The psychology of preferences. Scientific American 246: 136-42.
13. _. 1984. Choices, values and frames. American Psychologist 39: 341-50.
14. Kowert, P.A., and M.G. Hermann. 1997. Who takes risks? Daring and caution in foreign policy making. Journal of Conflict Resolution 41: 611-37.
15. Kühberger, A. 1998. The influence of framing on risky decisions: A meta-analysis. Organizational Behavior and Human Decision Processes 75: 23-55.
16. Leonard, N.H., R.W. Scholl, and K.B. Kowalski. 1999. Information processing style and decision making. Journal of Organizational Behavior 20: 407-20.
17. Li, S. 1998. Can the conditions governing the framing effect be determined? Journal of Economic Psychology 19: 133-53.
18. _. 2004a. A behavioral choice model when computational ability matters. Applied Intelligence 20: 147-63.
19. _. 2004b. Equate-to-differentiate approach: An application in binary choice under uncertainty. Central European Journal of Operations Research 12: 269-94.
20. _. 2005. Choice reversals across certainty, uncertainty and risk: The equate-to-differentiate interpretation. Acta Psychologica Sinica 37: 427-33.
21. Li, S., and A.S. Adams. 1995. Is there something more important behind framing? Organizational Behavior and Human Decision Processes 62: 216-9.
22. Li, S., and X. Xie. 2006. A new look at the "Asian disease" problem: A choice between the best possible outcomes or between the worst possible outcomes? Thinking and Reasoning 12: 129-43.
23. Lichtenstein, S., and P. Slovic. 1971. Reversals of preference between bids and choices in gambling decisions. Journal of Experimental Psychology 89: 46-55.
24. McCrae, R., and P. Costa. 1988. Re-interpreting the Myers-Briggs Type Indicator from the perspective of the five-factor model of personality. Journal of Personality 57: 17-40.
25. McElroy, T., and J.J. Seta. 2003. Framing effect: An analytic-holistic perspective. Journal of Experimental Social Psychology 39: 610-7.
26. McNeil, B.J., S.G. Pauker, H.C. Sox, and A. Tversky. 1982. On the elicitation of preferences for alternative therapies. New England Journal of Medicine 306: 1259-62.
27. Medin, D.L., and E.J. Shoben. 1988. Context and structure in conceptual combination. Cognitive Psychology 20: 158-90.
28. Mellers, B.A., A. Schwartz, and A.D.J. Cooke. 1998. Judgment and decision making. Annual Review of Psychology 49: 447-77.
29. Myers, I. 1962. The Myers-Briggs Type Indicator. Palo Alto, CA: Consulting Psychologists Press.
30. Myers, I.B., M.H. McCaulley, N.L. Quenk, and A.L. Hammer. 1998. MBTI manual: A guide to the development and use of the Myers-Briggs Type Indicator, 3rd edn. Palo Alto, CA: Consulting Psychologists Press.
31. Nicholson, N., E. Soane, M. Fenton-O'Creevy, and P. Willman. 2005. Personality and domain-specific risk taking. Journal of Risk Research 8: 157-76.
32. Roberts, B.W., and W.F. DelVecchio. 2000. The rank-order consistency of personality from childhood to old age: A quantitative review of longitudinal studies. Psychological Bulletin 126: 3-25.
33. Sample, J. 2004. The Myers-Briggs Type Indicator and OD: Implication for practice from research. Organization Development Journal 22: 67-75.
34. Slovic, P. 1995. The construction of preference. American Psychologist 50: 364-71.
35. Soane, E., and N. Chmiel. 2005. Are risk preferences consistent? The influence of decision domain and personality. Personality and Individual Differences 38: 1781-91.
36. Stanovich, K.E., and R.F. West. 1998. Individual differences in framing and conjunction effects. Thinking and Reasoning 4: 289-17.
37. _. 2000. Individual differences in reasoning: Implications for the rationality debate? Behavioral and Brain Sciences 23: 645-726.
38. Thorne, A., and H. Gough. 1991. Portrait of type: An MBTI research compendium. Palo Alto, CA: Consulting Psychologists Press.
39. Tversky, A., and D. Kahneman. 1981. The framing of decisions and the psychology of choice. Science 211: 453-8.
40. Tversky, A., and E. Shafir. 1992. The disjunction effect in choice under uncertainty. Psychological Science 3: 305-9.