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The framing effect of cross-period temporal choice in the loss domain will influence the preference for debt-swapping decisions

Jia-Tao Ma,Shu Li,Guibing He

Published 2026 in Acta Psychologica Sinica

ABSTRACT

The framing effect emerges as one of the most robust effects among effects that violate rational axioms. This study focuses on two innovative research directions. First, on a theoretical level, it explores whether the framing effect exists in cross-period temporal choice in the loss domain, which has not been empirically studied before. Second, on a practical level, it examines how to use this effect to optimize the implementation of the debt swap policy proposed in the “Local Government Debt Risk Resolution Plan” passed by the Standing Committee of the National People’s Congress in 2024. Online participants were recruited through a survey platform to complete preference evaluation tasks that consisted of five studies. Study 1a ( N = 1200) employed a 2 (repayment frequency: annual vs. monthly) × 2 (presentation format: text vs. graphic) between-subjects design. Study 1b ( N = 403) used a mixed design with 3 (repayment frequency: annual vs. monthly vs. weekly, within-subject) × 2 (presentation format: text vs. graphic, between-subjects). Study 2a ( N = 900) utilized a one-factor (condition: monthly, annual vs. compressed) between-subjects design. The first experiment in Study 2b ( N = 180) adopted a within-subject design (repayment frequency: monthly vs. weekly), while the second experiment ( N = 180) used a within-subject design (compression condition: normal vs. compressed). In the within-subject designs, evaluations under different conditions were separated by at least a three-day interval. The task in Study 1 required participants to rate their acceptance of a single debt repayment plan under different conditions. Meanwhile, the task in Study 2 involved participants rating their acceptance of paired debt plans (initial debt vs. swapped debt) under different conditions. The findings are as follows: First, different descriptions of a single debt plan, where both the debt maturity and the total amount of debt remain unchanged can trigger the framing effect. Whether

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