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Framing as path-dependence

Abstract:

A 'framing' effect occurs when an agent's choices are not invariant under changes in the way a choice problem is formulated, e.g. changes in the way the options are described (violation of description invariance) or in the way preferences are elicited (violation of procedure invariance). In this paper we examine precisely which classical conditions of rationality it is whose non-satisfaction may lead to framing effects. We show that (under certain conditions), if (and only if) an agent's init...

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Publication status:
Published

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Publisher:
University of Oxford Publisher's website
Series:
Department of Economics Discussion Paper Series
Publication date:
2002-10-01
Paper number:
124
Keywords:
Pubs id:
1144307
Local pid:
pubs:1144307
Deposit date:
2020-12-15

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