Abstract
The body of utility theory that explains the phenomenon of decision making has developed new theories such as nonlinear utility theory to explain decision making under uncertainty. There is, however, a phenomenon called the framing effect which cannot be explained in its essence by the body of utility theory. The framing effect refers to phenomena in which preference is reversed even for the same decision making problem because of changes in perspectives resulting from differences in the linguistic expressions used to describe the decision making problem, resulting in varied results of decision making.
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Takemura, K. (2014). The Framing Effect of Decision Making. In: Behavioral Decision Theory. Springer, Tokyo. https://doi.org/10.1007/978-4-431-54580-4_9
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DOI: https://doi.org/10.1007/978-4-431-54580-4_9
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