All Frames Created Equal are Not Identical: On the Structure of Kahneman and Tversky's Framing Effects

Dorian Jullien

No 2016-17, GREDEG Working Papers from Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France

Abstract: This paper revisits Daniel Kahneman and Amos Tversky's work on 'framing'. It shows how various conventions from economic theory allow the establishment of different equivalence relations between pairs of problems in framing experiments. Then, an exegesis of their comments on these experiments is conducted regarding the relation between their theoretical explanation through prospect theory and the positive/normative distinction in models of individual behaviors. Throughout, a methodological framework with a distinction between identity, equivalence and equality (borrowed to philosopher Craig Dilworth) is developed for a critical analysis of the relation between external frames (the empirical structure of a decision problem) and internal frames (the psychological representation of the decision problem by decision makers).

Keywords: Framing; description invariance; extensionality; consequentialism; prospect theory; behavioral economics; Kahneman and Tversky (search for similar items in EconPapers)
JEL-codes: B21 B40 B41 D03 D81 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2016-06
New Economics Papers: this item is included in nep-cbe and nep-hpe
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:gre:wpaper:2016-17

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