Factor | Definition | Association with consistency | Type of supporting data |
---|---|---|---|
High Stakes Rewards | The size of rewards/incentives being offered | When large incentives are available, risk aversion is higher for real life decisions than for hypothetical decisions | |
Framing Effect | Whether the decision is framed in a way that is positive (i.e. gains) or negative (i.e. losses) | The framing effect may be larger for hypothetical decisions than for real life ones | Empirical [62] |
Explicit Statements of Uncertainty of Outcomes | When estimates of the probability of the outcome are explicitly presented to the decision-maker | Providing statements about uncertainty increases consistency between hypothetical decisions and real life | Review [60] |
Fundamental Attribution Error | Whether the decision is worded in a way that asks the decision-maker what they would do or asks what they think someone else should do | Presenting the hypothetical decision with the decision-maker as the actor (as opposed to an observer) increases consistency between hypothetical and real-world decisions | Empirical [63] |
Personal Relevance | Whether the decision being made is one that involves people with whom the decision-maker has long-term relationships | Personal relevance of a problem is correlated with consistency between hypothetical and real decisions | Empirical [64] |
Real Consequences | Whether the decision has real consequences for the decision-maker | Having real consequences makes hypothetical decisions more closely predict real-world ones | |
Space for Mental Simulation | The degree to which the context of the decision is left to the imagination | Greater space for mental simulation associated with lower consistency | |
Self-Image | Whether the decision relates to the decision-maker’s self-image (e.g. related to their ethical beliefs) | Decisions related to self-image show less consistency between hypothetical and real-world decisions | Empirical [72] |