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Working memory capacity and the risky-choice framing effect: A preregistered replication and extension of Corbin et al. (2010)

Published online by Cambridge University Press:  24 November 2023

Boris Bogdanov
Affiliation:
Department of General, Experimental, Developmental, and Health Psychology, Sofia University St. Kliment Ohridski, Sofia, Bulgaria
Jonathan Corbin
Affiliation:
Center for Advanced Hindsight, Duke University, Durham, NC, USA
Sabina Dobreva
Affiliation:
Department of General, Experimental, Developmental, and Health Psychology, Sofia University St. Kliment Ohridski, Sofia, Bulgaria
Todd McElroy
Affiliation:
Psychology Department and The Water School, Florida Gulf Coast University, Fort Myers, FL, USA
Nikolay R. Rachev*
Affiliation:
Department of General, Experimental, Developmental, and Health Psychology, Sofia University St. Kliment Ohridski, Sofia, Bulgaria
*
Corresponding author: Nikolay R. Rachev; Email: nrrachev@phls.uni-sofia.bg
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Abstract

While working memory capacity is associated with superior performance on a number of tasks, could it paradoxically sometimes be associated with suboptimal performance? Corbin et al. (2010, Judgment and Decision Making 5(2), 110–115) found that, in a between-subjects design, higher WMC is associated with a larger risky-choice framing effect, traditionally conceived of as a departure from rational principles. Such surprising findings are of potentially great theoretical importance; yet the original study was underpowered. In this registered report, we aimed to replicate and extend the original findings, by conducting an online experiment among 425 North Americans. To extend the findings beyond the specific single tasks used in the original study, we used three WMC tasks with different processing components and six framing problems involving human lives. In a close replication, the frame significantly interacted with neither the Ospan short absolute score nor the Ospan short partial score in predicting ratings on the disease-framing problem. Similarly, in an extended replication, a composite WMC score did not significantly interact with the frame in predicting ratings on three framing problems involving human lives. The Bayes factors showed that the data were 3 to 10 times more likely under the null hypothesis of no interaction between WMC and frame. Taken together, these findings show an absence of association between the between-subjects risky-choice framing effect and WMC. This outcome is compatible with four out of the six theoretical accounts we considered, and is uniquely predicted by the default-interventionist dual-process account and the pragmatic inference account. Further research can more rigorously pit conflicting predictions of these accounts against each other.

Information

Type
Registered Report
Creative Commons
Creative Common License - CCCreative Common License - BY
This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (https://creativecommons.org/licenses/by/4.0), which permits unrestricted re-use, distribution and reproduction, provided the original article is properly cited.
Copyright
© The Author(s), 2023. Published by Cambridge University Press on behalf of Society for Judgment and Decision Making and European Association of Decision Making
Figure 0

Table 1Competing predictions about the association between cognitive capacity and the between-subjects framing effect

Figure 1

Figure 1Close replication: Power to detect the interaction effect at varying sample sizes and values of the interaction term (beta) (5,000 simulations per combination).

Figure 2

Figure 2Extended replication: Power to detect the interaction effect at varying numbers of participants, numbers of framing items, and beta values of the interaction term (1,000 simulations per combination).

Figure 3

Table 2Differences between Corbin et al.’s method and our method

Figure 4

Table 3Mean ratings, standard deviations, and correlations for the framing tasks

Figure 5

Table 4Means, standard deviations, and correlations for the WMC tasks

Figure 6

Table 5Confirmatory analyses: Overview

Figure 7

Table 6Confirmatory analyses: Model estimates

Figure 8

Figure 3Close replication: Observed (points) and predicted (lines) framing ratings as a function of WMC (A: Absolute Score, B: Partial Score).

Figure 9

Figure 4Extended replication: Observed (points) and predicted (lines) framing ratings as a function of WMC.