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Description-dependent Choices

Dino Borie () and Dorian Jullien
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Dino Borie: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur

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Abstract: The standard model of choice behavior relies on an implicit assumption that a decision maker is not affected by different descriptions of a given problem (description invariance). However, the behavioral economics and psychology literatures provide well-established evidence that descriptions do in fact influence decision makers. In this paper, we distinguish between descriptions of objects of choice and consequences of objects of choice in order to deduce a decision maker's preferences over the descriptions from observed choices over the consequences. We provide a choice theoretical foundation for maximizing preference relations subject to the class of framing effects where description invariance is violated. JEL Classification: D89, D90, D91.

Keywords: description invariance; rational choice; Choice correspondence; framing effects; description dependence (search for similar items in EconPapers)
Date: 2019-01-01
New Economics Papers: this item is included in nep-dcm, nep-evo, nep-mic and nep-upt
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