Ceteris paribus preferences, rational farming effects, and the extensionality principle

Abstract

Bermúdez argues for rational framing effects in the form of quasi-cyclical preferences. This is supposed to refute the extensionality principle in standard decision theory. In response, I argue that it is better to analyze seemingly quasi-cyclical preferences as ceteris paribus preferences. Furthermore, if frames are included as objects of choice, we can acknowledge rational framing effects without rejecting extensionality.