Framing
The same choice framed in different ways results in different decisions. For example, “If you have the operation you have a 90% chance of surviving 5 years” results in more people opting for procedures than when the framing is, “You have a 10% chance of passing away within 5 years.”
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The book introduces “nudge theory”, a system for influencing decision making without restricting options.In order to nudge people towards making certain decisions, the authors advocate for “choice architecture”. Choice Architecture is the practice of influencing choices by organising the context in which they are made. The irony is that behavioral economics, having attacked Homo Economicus as an empirically false description of human choice, now proposes, in the name of paternalism, to enshrine the very same fellow as the image of what people should want to be. Read It with a grain of salt
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Uncertainty and Framing
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The framing effect
The framing effect is a cognitive bias where people decide on options based on whether they are presented in a positive or negative way. Do you prefer your yoghurt with 10% fat or 90% fat-free?
Knowing about the framing effect is vital. It is one of the most signif...
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