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The framing of decisions and the psychology of choice
January 30 1981
January 30 1981
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Abstract
<p class="first" id="d1165708e49">The psychological principles that govern the perception
of decision problems and the
evaluation of probabilities and outcomes produce predictable shifts of preference
when the same problem is framed in different ways. Reversals of preference are demonstrated
in choices regarding monetary outcomes, both hypothetical and real, and in questions
pertaining to the loss of human lives. The effects of frames on preferences are compared
to the effects of perspectives on perceptual appearance. The dependence of preferences
on the formulation of decision problems is a significant concern for the theory of
rational choice.
</p>