Prospect Theory in Times of a Pandemic: The Effects of Gain versus Loss Framing on Risky Choices and Emotional Responses during the 2020 Coronavirus Outbreak – Evidence from the US and the Netherlands

During the 2020 coronavirus pandemic, governments across globe relied heavily on legacy media, not only to inform citizens about fast-paced developments in midst of a crisis, but also stimulate compliance with strict interventions. Prospect theory postulates that gain versus loss framing may affect preferences for different In conceptual replication Tversky and Kahneman’s seminal prospect theory, findings from surveys US Netherlands (N = 1,121) demonstrate frames promote support risk-aversive interventions, whereas result relatively more risk-seeking alternatives. Loss elicit stronger negative emotions, such as frustration powerlessness. The experience powerlessness, turn, mediates effects stricter Together, these indicate pandemic terms gains be most effective promoting treatments pandemic.