Competent decision making in adolescence, though arguably understudied in the past, has received increased attention in recent history (e.g., Byrnes, 1998; Jacobs & Klaczynski, 2002). However, there exist few theoretical models by which to examine the possible development processes behind decision making. The goal of the present study was to use a recognized theory of human decision processes (Prospect Theory; e.g., Kahneman & Tversky, 1979) alongside a newer theory that emphasizes the development of decision making (the Self Regulation Model of Decision Making; Byrnes, 1998) to illuminate the process of decision making under situations of uncertain risk in adolescence. Prior research on the 'framing effect' has typically indicated that when given a choice between two options, adults are more likely to be risk-seeking in the case of losses and risk-averse in the case of gains (e.g., Tversky & Kahneman, 1986).;Research examining the existence of this effect in younger populations is scant at best. The present study examined two indices of decision making: a betting paradigm with immediate, real consequences (i.e., actual gain or loss of money), as well as general decision competency, measured by the Decision Making Competency Inventory (DMCI; Miller & Byrnes, 2001) in a sample of adolescents aged 12-26 years (N = 136). Findings revealed that adolescents were more likely to choose a 'risky option' over a 'sure thing' no matter the frame in which the problems were presented. No evidence of the classic framing effect was found. Older female adolescents evidenced the highest general decision competency as measured by the DMCI. However, these two indicators of 'good decision skills' were not related to one another. It is suggested that future research focus on the relationship between reported and actual decision behaviors in an attempt to more effectively describe the development of decision skills in adolescence.
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