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 significant biases in decision making and particularly important in health care and financial decisions.
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Framing effect: how the way information is framed impacts our decisions
nesslabs.com
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What is Framing?
Framing is the process of defining an issue, problem, or context that influences how it’s perceived and evaluated.
Framing is important in explaining or making sense of an issue, context, or problem and is influenced by personal narratives and conceptual metaphors.
This framing effect...
Framing and decision making
The framing effect happens when decision-makers choose opposite solutions for identical problems based on how the issues are presented to them.
For example:
- Time and money management: A study found that 93% of students registered early when presented with a penal...
The decoy effect
It is a cognitive bias: we tend to have a specific change in preferences between two options when also presented with a third option that is asymmetrically dominated.
This is the secret agent in more decisions than we could imagine. It even helps us decide whom to date...
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