Journal ArticleDOI
The Framing of Decisions and the Psychology of Choice
Amos Tversky,Daniel Kahneman +1 more
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The psychological principles that govern the perception of decision problems and the evaluation of probabilities and outcomes produce predictable shifts of preference when the same problem is framed in different ways.Abstract:
The psychological principles that govern the perception of decision problems and the evaluation of probabilities and outcomes produce predictable shifts of preference when the same problem is framed in different ways. Reversals of preference are demonstrated in choices regarding monetary outcomes, both hypothetical and real, and in questions pertaining to the loss of human lives. The effects of frames on preferences are compared to the effects of perspectives on perceptual appearance. The dependence of preferences on the formulation of decision problems is a significant concern for the theory of rational choice.read more
Citations
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Journal ArticleDOI
What a speaker's choice of frame reveals: reference points, frame selection, and framing effects.
TL;DR: The data suggest that frames reliably convey implicit information in addition to their explicit content, which helps explain why framing effects are so robust.
Journal ArticleDOI
Narrow Bracketing and Dominated Choices
Matthew Rabin,Georg Weizsäcker +1 more
TL;DR: The authors show that for any decisionmaker who does not have constant absolute risk-averse preferences and who evaluates her decisions one by one, there exists a simple pair of independent binary decisions where the decisionmaker will make a dominated combination of choices.
Journal ArticleDOI
Decision Aids for Patients Considering Options Affecting Cancer Outcomes: Evidence of Efficacy and Policy Implications
Annette M. O'Connor,Valerie Fiset,Catherine DeGrasse,Ian D. Graham,William K. Evans,Dawn Stacey,Andreas Laupacis,Peter Tugwell +7 more
TL;DR: The purpose of this paper is to review published evidence about the efficacy of decision aids focused on cancer outcomes, several recommendations for research are made, and dissemination issues are identified.
Journal ArticleDOI
Accounting narratives and the narrative turn in accounting research: Issues, theory, methodology, methods and a research framework
TL;DR: The authors traces the development of accounting narratives in external reporting practice and research, focussing on corporate-sourced financial communications to shareholders and analysts, from the personal perspective of a researcher who began in the positivist tradition of disclosure research and is increasingly engaging with the more interpretive/critical tradition of socially-constructed narratives.
Journal ArticleDOI
Scarcity Frames Value
TL;DR: The authors showed that under conditions of scarcity, people focus on pressing needs and recognize the trade-offs that must be made against those needs more consistently than irrelevant contextual cues, which exert less influence.
References
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Book ChapterDOI
Prospect theory: an analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
TL;DR: In this paper, the authors present a critique of expected utility theory as a descriptive model of decision making under risk, and develop an alternative model, called prospect theory, in which value is assigned to gains and losses rather than to final assets and in which probabilities are replaced by decision weights.
Book
Judgment Under Uncertainty: Heuristics and Biases
Amos Tversky,Daniel Kahneman +1 more
TL;DR: The authors described three heuristics that are employed in making judgements under uncertainty: representativeness, availability of instances or scenarios, and adjustment from an anchor, which is usually employed in numerical prediction when a relevant value is available.
Journal ArticleDOI
Prospect theory: analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
Book
Theory of Games and Economic Behavior
TL;DR: Theory of games and economic behavior as mentioned in this paper is the classic work upon which modern-day game theory is based, and it has been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations.
Journal ArticleDOI
A Behavioral Model of Rational Choice
TL;DR: In this article, a model for the description of rational choice by organisms of limited computational ability is proposed, and the model is used to describe rational choice in organisms with limited computational abilities.