Frames, trade-offs, and perspectives

Abstract

Bermúdez argues for rational framing effects based on normatively appropriate quasi-cyclical preferences. We suggest that this argument conflates preferences over specific outcomes with preferences over outcome aspects. Instead of implying quasi-cyclical preferences, framing affects decisions through standard economic trade-offs. Nonetheless, we demonstrate that framing can affect behavior through altering perceptions of particular outcome aspects when framing effects are not decomposable.