Replication: Beyond gains and losses by Mishra and Fiddick (2012)

The standard framing effect demonstrates a deviation from expected utility theory (and rational choice theory) that is consistent with prospect theory. Findings by Mishra and Fiddick (2012) suggest that such framing effects may be better explained in terms of a sensitivity to minimal acceptable thresholds, or needs, as described in risk-sensitivity theory. To evaluate the reliability of the findings reported by Mishra and Fiddick (2012), we conducted a close preregistered replication of their Experiment 3 with a larger, well-powered sample (N = 399) of UK students recruited via Prolific. Our results partly replicated the original findings: In line with the original study, we observed the standard framing effect and that individuals with higher need more often selected the risky option. Results for the crucial hypothesis were mixed: In the original study, the framing effect disappeared when the analysis stratified by need. In the replication, when we stratified by need, we observed a framing effect among participants with low need, but not among participants with high need. These findings contribute to the understanding of both prospect theory and risk-sensitivity theory in explaining the standard framing effect.