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Framing Effects as Violations of Extensionality

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Author Info
Sacha Bourgeois-Gironde (IJN - Institut Jean-Nicod - CNRS : UMR8129 - Ecole Normale Supérieure de Paris - ENS Paris - Ecole des Hautes Etudes en Sciences Sociales (EHESS))
Raphaël Giraud () (CRESE - Centre de recherche sur les stratégies économiques - Université de Franche-Comté, CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I)

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Abstract

Framing effects occur when different descriptions of thesame decision problem give rise to divergent decisions. They can be seen as a violation of the decision-theoretic version of the principle of extensionality (PE). The PE in logic means that two logically equivalent sentences can be substituted salva veritate. We explore what this notion of extensionality becomes in decision contexts. Violations of extensionality may have rational grounds. Following some ideas proposed by the psychologist C. McKenzie we contend that framing effects are justified when the selection of one particular frame conveys choice relevant information. We first discuss this idea from a philosophical point of view, and proceed next to formalize it in the context of the Bolker Jeffrey decision theory.

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00098001_v1.

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Date of creation: 23 Sep 2006
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Handle: RePEc:hal:cesptp:halshs-00098001_v1

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Related research
Keywords: Framing effects; Extensionality; Invariance principle; Conversational implicatures; rationality;

References listed on IDEAS
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  1. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
  2. Bondonio, Daniele, 2002. "Evaluating the Employment Impact of Business Incentive Programs in EU Disadvantaged Areas. A case from Northern Italy," P.O.L.I.S. department's Working Papers 27, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
  3. Lipman, Barton L, 1999. "Decision Theory without Logical Omniscience: Toward an Axiomatic Framework for Bounded Rationality," Review of Economic Studies, Blackwell Publishing, vol. 66(2), pages 339-61, April. [Downloadable!] (restricted)
  4. Natalie Gold & Christian List, 2002. "Framing as Path-Dependence," Microeconomics 0211016, EconWPA. [Downloadable!]
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  5. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
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