Approval with frames

Kai Wang

Journal of Mathematical Economics, 2022, vol. 103, issue C

Abstract: The aim of this study is to investigate the framing effects in approval making. In contrast to choice making in which an agent maximizes the utility, approval is binary classification behaviour in which an agent ‘approves’ the items that are (weakly) preferred to the threshold. The frame is observable information that is irrelevant in the rational assessment over the items but affects approval decisions. We provide framework to study deterministic and stochastic approval with frames. The models are characterized based on axioms which are similar in spirit to Samuelson’s WARP. We illustrate how one can deduce both the decision maker’s preference and the threshold from the observed behaviour.

Keywords: Approval behaviour; Framing effect (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:103:y:2022:i:c:s0304406822001148

DOI: 10.1016/j.jmateco.2022.102788

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