On Embedded Choice Theory: Re-framing and Emotions
Diego Lanzi ()
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Diego Lanzi: School of Economics, Management and Statistics, University of Bologna; 40126 Bologna, ITALY
Review of Economics & Finance, 2018, vol. 11, 19-30
In an earlier paper, I suggested a model of embedded choice in which choice structures were embedded in framing super-structures defined and supported by social norms, moral values and the like. Although I did mention the role of emotions as possible embeddedness superstructures, I did no focus explicitly on them, or on their ability to affect choice behaviour. This is the main topic of the present paper. We discuss the concept of emotional embeddedness and its connections with choice problem¡¯s features and analyze how emotions operate on choice superstructures¡¯ intensity and valence, thus affecting how individuals re-frame choice problems. Interestingly, in doing this, we shall confirm the relevance of well-known phenomena in behavioral studies on framing effects: preference reversals, preference confidence and internal framing.
Keywords: Emotions; Choice; Frame effects (search for similar items in EconPapers)
JEL-codes: D01 D91 D90 (search for similar items in EconPapers)
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