Arbeitspapier

Framing-based choice: A model of decision-making under risk

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.

Sprache
Englisch

Erschienen in
Series: Working Paper ; No. 2009-17

Klassifikation
Wirtschaft
Criteria for Decision-Making under Risk and Uncertainty
Thema
framing
statistical dependence
non-expected utility
expected value of lottery interchange
Entscheidungstheorie
Framing
Risiko
Theorie

Ereignis
Geistige Schöpfung
(wer)
Kriesler, Kobi
Nitzan, Shmuel
Ereignis
Veröffentlichung
(wer)
Bar-Ilan University, Department of Economics
(wo)
Ramat-Gan
(wann)
2009

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
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Objekttyp

  • Arbeitspapier

Beteiligte

  • Kriesler, Kobi
  • Nitzan, Shmuel
  • Bar-Ilan University, Department of Economics

Entstanden

  • 2009

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