Context effects in risky decisions

This paper deals with the topic of risky decisions. Different factors are correlated and their influence on decision-making behaviour is calculated using binary logistic regressions. Specifically, three different areas are considered: the economic area, the legal area and the health area. secondly, the objective problem orientation using opportunity and threat scenarios, and thirdly, three different payoffs and probabilities of consequences - referred to in this paper as number combinations - are examined using framing scenarios based on the formal model of the Asian Disease Problem. For this purpose, six questionnaire versions with six monetary decision situations each are created, which depict the individual factors in different combinations. In addition, the predictive power of eleven known heuristics is tested. The results show a significant influence of the area on decision-making behaviour. Furthermore, potential interactions with possible approaches for further studies are discussed.