Decisions with endogenous frames. (English) Zbl 1239.91032
Summary: We develop a model of decision-making with endogenous frames and contrast the normative implications of our model to those of choice theoretic models in which observed choices are determined by exogenous frames or ancillary conditions. We argue that, frames, though they may be taken as given by the decision-maker at the point when choices are made, matter for both welfare and policy purposes.
MSC:
| 91B06 | Decision theory |
References:
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