Minimal Frames and Transparent Frames for Risk, Time, and Uncertainty

Author:

Leland Jonathan W.1ORCID,Schneider Mark2ORCID,Wilcox Nathaniel T.3ORCID

Affiliation:

1. National Science Foundation, Alexandria, Virginia 22314;

2. University of Alabama, Tuscaloosa, Alabama 35487;

3. Chapman University, Orange, California 92866

Abstract

Behavior differs between transparent and nontransparent presentations of decisions, but “transparent presentation” has not been precisely defined. We formally define “transparent frames” for risk and time, establish their uniqueness, provide algorithms for constructing them, and compare them with “standard” presentation formats. A logic emerges for predicting systematic shifts in choice under risk and over time, and how violations of rational choice theory will depend on frames. An experiment verifies most of those predictions in choice under risk. We extend results to choice under uncertainty and also predict frame dependence of ambiguity aversion, a result supported by recent experimental evidence. This paper was accepted by Elke Weber, judgment and decision making.

Publisher

Institute for Operations Research and the Management Sciences (INFORMS)

Subject

Management Science and Operations Research,Strategy and Management

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