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FRAMING-BASED CHOICE: A MODEL OF DECISION-MAKING UNDER RISK

KOBI KRIESLER|SHMUEL NITZAN
한국경제학회 (The Korean Economic Association)|2009.06|The Korean Economic Review|제25권 제1호|pp. 65-89

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참고문헌

키워드

Non-expected UtilityFramingStatistical DependenceExpected Value of Lottery Inter
주제분류경제학

초록

In this study we propose an axiomatic theory of decision-making under risk that is based on a new approach to the modeling of framing that focuses on the subjective statistical dependence between prizes of compared lotteries. Unlike existing models that allow objective statistical dependence, as in Regret Theory, in our model the emphasis is on alternative subjective statistical dependence patterns that are induced by alternative descriptions of the lotteries, i.e., by alternative framing. A distinct advantage of the proposed general descriptive model of choice is its ability to adequately explain a wide variety of behaviors and, in particular, several well-known paradoxes of different types.

Abstract

In this study we propose an axiomatic theory of decision-making under risk that is based on a new approach to the modeling of framing that focuses on the subjective statistical dependence between prizes of compared lotteries. Unlike existing models that allow objective statistical dependence, as in Regret Theory, in our model the emphasis is on alternative subjective statistical dependence patterns that are induced by alternative descriptions of the lotteries, i.e., by alternative framing. A distinct advantage of the proposed general descriptive model of choice is its ability to adequately explain a wide variety of behaviors and, in particular, several well-known paradoxes of different types.

참고문헌 (40)

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