Accounting for Framing-Effects - an informational approach to intensionality in the Bolker-Jeffrey decision model
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.
|Date of creation:||23 Dec 2005|
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- 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).
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Economics Series Working Papers
124, University of Oxford, Department of Economics.
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"The domain and interpretation of utility functions: An exploration,"
Economics Working Papers
576, Department of Economics and Business, Universitat Pompeu Fabra.
- Marc Le Menestrel & Luk Van Wassenhove, 2001. "The Domain and Interpretation of Utility Functions: An Exploration," Theory and Decision, Springer, vol. 51(2), pages 329-349, December.
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