The number of lives moderated risk-aversion in gain frame (people were risk-neutral for low number of lives and risk-averse for high number of lives). However, in the loss frame, risk-seeking was observed irrespective of how many lives were at stake. This pattern was consistent across laypersons and medical professionals, further extended to preferences for choices that medical professionals and artificial intelligence programmes should make. It shows how valuation of lives can be dependent on decision frames and framing biases that could impact medical decisions, which in turn could impact health and wellbeing of citizens.
Tag: Gains and Losses
Are we loss averse for time? Valuing small gains versus losses of time during commutes
Using the vignette of urban commute apps, we tested a less explored aspect about whether people are loss averse for time – i.e. do losses of time loom larger than corresponding gains ? Challenging the apparent tautology, prospective gains loomed as larger or equal to losses for low magnitudes.