Minimal Frames and Transparent Frames for Risk, Time, and Uncertainty
| Autor: | Mark Schneider, Jonathan W. Leland, Nathaniel T. Wilcox |
|---|---|
| Rok vydání: | 2019 |
| Předmět: |
Ellsberg paradox
Strategy and Management 05 social sciences Allais paradox Management Science and Operations Research Framing effect 050105 experimental psychology 0502 economics and business 0501 psychology and cognitive sciences Dynamic inconsistency 050207 economics Social psychology Cognitive psychology Mathematics |
| Zdroj: | Management Science. 65:4318-4335 |
| ISSN: | 1526-5501 0025-1909 |
| DOI: | 10.1287/mnsc.2018.3167 |
| Popis: | Behavior differs between transparent and nontransparent presentations of decisions, but “transparent presentation” has not been precisely defined. We formally define “transparent frames” for risk and time, establish their uniqueness, provide algorithms for constructing them, and compare them with “standard” presentation formats. A logic emerges for predicting systematic shifts in choice under risk and over time, and how violations of rational choice theory will depend on frames. An experiment verifies most of those predictions in choice under risk. We extend results to choice under uncertainty and also predict frame dependence of ambiguity aversion, a result supported by recent experimental evidence. This paper was accepted by Elke Weber, judgment and decision making. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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