Theoretical conceptions of framing effects in risky decisions

Abstract

This represents the positively framed version of the Asian disease story, since the options are described as if they were gains. Tversky and Kahneman varied the framing of the story by presenting also a negatively framed version. In the negative frame the options are described as if they were losses: If Program C is adopted, 400 people will die. If Program D is adopted, there is 1/3 probability that nobody will die and 2/ 3 probability that 600 people will die.

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