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Accounting for Framing-Effects - an informational approach to intensionality in the Bolker-Jeffrey decision model

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  • sacha bourgeois-gironde

    ()
    (IJN - Institut Jean-Nicod - CNRS : UMR8129 - École normale supérieure [ENS] - Paris - École des Hautes Études en Sciences Sociales (EHESS))

  • Raphaël Giraud

    (EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - CNRS : UMR8594 - Université Paris I - Panthéon-Sorbonne)

Abstract

We suscribe to an account of framing-effects in decision theory in terms of an inference to a background informationa by the hearer when a speaker uses a certain frame while other equivalent frames were also available. This account was sketched by Craig McKenzie. We embed it in Bolker-Jeffrey decision model (or logic of action) - one main reason of this is that this latter model makes preferences bear on propositions. We can deduce a given anomaly or cognitive bias (namely framing-effects) in a formal decision theory. This leads to some philosophical considerations on the relationship between the rationality of preferences and the sensitivity to descriptions or labels of states of affairs (intensionality) in decision-making.

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number ijn_00000656.

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Date of creation: 2005
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Handle: RePEc:hal:cesptp:ijn_00000656

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Keywords: information-processing and decision-making; framing-effects; intensionality; Bolker-Jeffrey;

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  1. Raphaël Giraud, 2004. "Framing under risk : Endogenizing the Reference Point and Separating Cognition and Decision," Cahiers de la Maison des Sciences Economiques bla04090, Université Panthéon-Sorbonne (Paris 1).
  2. Gold, Natalie & List, Christian, 2004. "Framing as Path Dependence," Economics and Philosophy, Cambridge University Press, vol. 20(02), pages 253-277, October.
  3. Marc Le Menestrel & Luk N. Van Wassenhove, 2001. "The domain and interpretation of utility functions: An exploration," Economics Working Papers 576, Department of Economics and Business, Universitat Pompeu Fabra.
  4. Lipman, Barton L, 1999. "Decision Theory without Logical Omniscience: Toward an Axiomatic Framework for Bounded Rationality," Review of Economic Studies, Wiley Blackwell, vol. 66(2), pages 339-61, April.
  5. Kahneman, Daniel & Wakker, Peter P & Sarin, Rakesh, 1997. "Back to Bentham? Explorations of Experienced Utility," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 375-405, May.
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