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Framing effects can drastically alter our choices from "summary" of Predictably Rational? by Richard B. McKenzie
Framing effects can drastically alter our choices. The way a decision is presented to us can significantly impact the decisions we make. For example, when decisions are framed in terms of potential losses, we are more likely to choose the option that minimizes our losses. On the other hand, when decisions are framed in terms of potential gains, we are more likely to choose the option that maximizes our gains. These framing effects can sway our decisions without us even realizing it. We may think that we are making rational choices based on the information presented to us, but in reality, our decisions are being influenced by how the information is framed. This can lead us to make choices that we may not have made if the information had been presented differently. In one study, participants were given two options for preventing the outbreak of a deadly disease. When the options were framed in terms of potential lives saved, the majority of participants chose the option that saved the most lives. However, when the options were framed in terms of potential lives lost, the majority of participants chose the option that saved the fewest lives. This demonstrates how framing effects can drastically alter our choices.- We can make more informed decisions that align with our values and goals. Being mindful of how decisions are framed can help us avoid being swayed by biases and make choices that are truly in our best interest. Ultimately, understanding framing effects can empower us to make decisions that are more rational and reflective of our true preferences.
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