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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Similar ideas to Framing
The Framing Effect Of Costs
Framing is a bias-inducing technique that seems to tilt buyer preferences by providing the same information in different ways. It makes people see the same data in such a way that it affects their choices.
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Uncertainty and Framing
The prospect theory shows that people are often willing to make riskier decisions to avoid losses than to make gains - even when the situation is identical but framed differently. For example, a 30% chance of death and a 70% chance o...
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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