Some of the main strategies of LP applicable to PSA decision making are a default decision rule, framing of decision aids, and timing of the decision.
The authors could also easily reframe the result that LFP measures partially mediate the chosen value effect and tone down the oppositional framing of decision dynamics versus static chosen value representation.
The framing effect, proposed by Tversky and Kahneman [A. Tversky, D. Kahneman, The framing of decisions and the psychology of choice, Science 211 (4481 198181) 453 458.], refers to the phenomenon that varying the presentations of the same problem can systematically affect the choice one makes.
Rational choice and the framing of decisions.
Tversky A and Kahneman D (1981) The framing of decisions and the psychology of choice.
In study 2, these thinking styles were tested in relation to framing effects [Tversky, A., & Kahneman, D. (1981) The framing of decisions and the psychology of choice. Science, 211, 453 458.].
Psychologists Daniel Kahneman and Amos Tversky wrote an insightful paper on this topic, called The Framing of Decisions and the Psychology of Choice.
This paper examines the effects of framing on decision making in a homeland missile defense context across three tasks of varying complexity.
These findings extend the notion that DLPFC activity is critical for risk decision-making, indicating an asymmetric role of the right DLPFC in the gain frame vs. the loss frame of risk decision-making.
As demonstrated, we make decisions using relative thinking, but only when the framing of the decision triggers us to do so.
