Theory and Decision

, Volume 71, Issue 2, pp 235-250

First online:

A note on negativity bias and framing response asymmetry

  • Doron SonsinoAffiliated withSchool of Business Administration, The College of Management Email author 

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An “unprocessed risk” is a collection of simple lotteries with a reduction-rule that describes the actual-payoff to the decision-maker as a function of realized lottery outcomes. Experiments reveal that the willingness to pay for unprocessed risks is consistently biased toward the payoff-level in the unprocessed representation. The “anchoring-to-frame” bias in cases of positive framing is significantly weaker than in cases of negative framing suggesting that rational “negativity bias” may reflect in asymmetric violations of rationality.


Bounded rationality Framing-invariance Loss-aversion