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Topic: Framing (economics)

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Framing

Behavioral finance

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Mental accounting

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		FRAMING John Quiggin Department of Economics, Research School of Social Sciences Australian National University FRAMING The classic paper by Kahneman and Tversky (1979) presented a convincing empirical critique of EU theory.
		Framing refers to the way in which the coding process may be affected by extraneous inputs, notably the way in which information is presented.
		Framing effects modify the coding process and may be interpreted as shifts from one transformation to another.
	www.uq.edu.au /economics/johnquiggin/Conference/Framing (5174 words)

	Framing (economics) - Wikipedia, the free encyclopedia
		In economics, framing means the manner in which a rational choice problem has been presented.
		A change in the decision frame between the two groups of participants produced a preference reversal, with the first group preferring program A/C and the second group preferring B/D. Framing biases affecting investing, lending, borrowing decisions make one of the themes of behavioral finance.
		Preference reversals and other associated phenomena are of wider relevance within behavioural economics, as they contradict the predictions of rational choice, the basis of traditional economics.
	en.wikipedia.org /wiki/Framing_(economics) (346 words)

	Carthage - Economics - Major/Minor Requirements (Site not responding. Last check: 2007-10-31)
		At Carthage, the major is rooted in two introductory courses designed to engage students in economic thinking and to demonstrate its applicability to a variety of issues in microeconomics and macroeconomics.
		As the capstone to their work in the major, students are asked to complete the economic seminar course, which includes a survey of the history of economic thought, and to complete a Senior Thesis approved by a faculty advisor and presented to departmental faculty and students.
		Because the major is broadly cross-disciplinary and rooted in both historical and philosophical traditions, students entering the program should be able to show a strong record of achievement in their general education coursework.
	www.carthage.edu /dept/economy/require.cfm (482 words)

	Body Frame -- Recommendations and Resources (Site not responding. Last check: 2007-10-31)
		Framing as part of communication theory is not the same as what it is in telecommunications and economics.
		In mathematics, a frame is an abstract concept on a manifold, generalising ''frame of reference'' to a basis for the tangent bundle varying from point to point.
		I-frames are also known as key frames because of their importance.
	www.becomingapediatrician.com /health/20/body-frame.html (876 words)

	Simple Framing — Rockridge Institute
		The word elephant evokes a frame with an image of an elephant and certain knowledge: an elephant is a large animal (a mammal) with large floppy ears, a trunk that functions like both a nose and a hand, large stump-like legs, and so on.
		The Relief frame is an instance of a more general Rescue scenario, in which there a Hero (The Reliever-of-pain), a Victim (the Afflicted), a Crime (the Affliction), A Villain (the Cause-of-affliction), and a Rescue (the Pain Relief).
		Most frames are unconscious and have just developed naturally and haphazardly and have come into the public's mind through common use.
	www.rockridgeinstitute.org /projects/strategic/simple_framing (2053 words)

	Harvard Political Review - Framing Progress
		Frames dictate worldviews, and consequently a series of intentionally constructed frames can promote a specific set of values, which in turn might influence voting patterns.
		Frames are defined as “mental structures that shape the way we see the world.” Therefore by arguing for a reframing of political debate, Lakoff is advocating a change in the way America sees politics, itself, and the world.
		He explains that this using these frames correctly is the only way that progressives will be able to successfully communicate their values to the public.
	hprsite.squarespace.com /framing-progress (744 words)

	O'Reilly Radar > Behaviorial Economics
		This was a seminal paper in behavioral economics; its rigorous equations pierced a core assumption of the standard model—that the actual value of alternatives was all that mattered, not the mode of their presentation (“framing”).
		Economics is not designed to explain future human behavior, --rather economics is a philosophy that uses science to derive theories based on past behavior in target populations.
		The problem with one type of economics is that it pulls in one direction and requires another equal theory to bring any semblance of truth to the matter.
	radar.oreilly.com /archives/2006/05/behaviorial_economics.html (2427 words)

	Gene Expression: Why Behavioral Economics is the Future of Economics, Part I
		It would be simply impossible to grant economics even its pretensions to being a science if its practicioners intentionally abjured the precision of mathematics in favor of a farrago of verbiage.
		In neoclassical economic theory, it is assumed that decision makers, given their knowledge of utilities, alternatives, and outcomes, can compute which alternative will yield the greatest subjective (expected) utility.
		Marx, Rand, the Austrians, and the anarcho-capitalists (among others) produced airy economic models right out of their heads, models that were divorced from human nature and empirical data.
	www.gnxp.com /MT2/archives/002543.html (1084 words)

	The Marketplace of Perceptions - Harvard Magazine (March-April 2006)
		Economic Man is an intelligent, analytic, selfish creature who has perfect self-regulation in pursuit of his future goals and is unswayed by bodily states and feelings.
		Today, behavioral economics is a young, robust, burgeoning sector in mainstream economics, and can claim a Nobel Prize, a critical mass of empirical research, and a history of upending the neoclassical theories that dominated the discipline for so long.
		But once you introduce framing, you can argue that the buyer may no longer be acting entirely in his own self-interest if the seller has invented a frame for the buyer, skewing the choice in favor of the seller.
	www.harvardmagazine.com /on-line/030640.html (5611 words)

	Department of Economics Series Ref: 124 (Site not responding. Last check: 2007-10-31)
		A `framing` effect occurs when an agent`s choices are not invariant under changes in the way a choice problem is formulated, e.g.
		In this paper we examine precisely which classical conditions of rationality it is whose non-satisfaction may lead to framing effects.
		We suggest that different ways of framing a choice problem may induce the order in which relevant propositions are considered and hence affect the decision made.
	www.economics.ox.ac.uk /Research/WP/PaperDetails.asp?PaperID=319 (182 words)

	Socail Policy and Post-Autistic Economics
		We believe that understanding real-world economic phenomena is enormously important to the future well-being of humankind, but that the current narrow, antiquated and naive approaches to economics and economics teaching make this understanding impossible.
		One of his contributors is Australian economist Steve Keen, an associate professor of economics at the University of Western Sydney and the author of Debunking Economics: The Naked Emperor of the Social Sciences.
		Their actions follow on the Kansas City Proposal, an open letter to economics departments “in agreement with and in support of the Post Autistic Economics Movement and the Cambridge Proposal” that was signed by economics students and academics from 22 countries during a conference in Kansas City.
	www.paecon.net /PAEarticles/SocialPolicy.htm (2467 words)

	CEPR Economics Seminar Series - 2005 Seminar Descriptions and Series Schedule (Site not responding. Last check: 2007-10-31)
		Economics is often perceived as something that only people with advanced degrees in the field can and should understand, but economic arguments are often used in confusing or misleading ways in policy debates and in the media.
		Standard economic analysis shows that efficiency gains from trade liberalization are much smaller than most people have been led to believe; at the same time developing countries make costly concessions for this trade, and within the U.S. there has been an upward redistribution of income resulting from trade policy.
		The movement of women into the labor market was driven both by economic conditions, which pushed women towards paid employment in order to keep their families financially secure (or afloat), and by women's desire for careers and identities other than motherhood.
	www.cepr.net /seminars/schedule_2005.htm (1394 words)

	EconLog, A Framing Puzzle, Bryan Caplan: Library of Economics and Liberty
		Framing is an "impulse purchase" - unless they pass by the framing store on a daily basis, people will not bother to frame anything.
		The matting must match the frame and not be hindered by the shape of the frame, etc. By perceiving framers as artisans, consumers are seeing a Torpedo Factory (see: Old Town Alexandria) filled with talent rather than a starbucks next to a Caribou Coffee.
		It was a matter of opportunity cost and comparative advantage: in the time it took him to do his own framing he could paint a picture which he could sell for at least enough to cover his costs, including the cost of framing.
	econlog.econlib.org /archives/2005/08/a_framing_puzzl.html (3337 words)

	Behavioral Economics page by Joe Pomykala
		The normative assumptions in economics describing human behavior had become increasingly challenged by descriptive models and empirical evidence showing that behavior was inconsistent with the canonic model, such being labeled as “irrational.” For example, choices between identical states of the world depend upon reference points generating framing and endowment effects or inconsistent and non-transitive preferences.
		Experimental economics in a variety of games has repeatedly demonstrated that observed behavior deviates from what is naively predicted by the canonic model or that people do not play calculated Nash equilibrium strategies drawn from the normative assumptions forming the mainstay of economics.
		However, ideas once considered outside the realm of economics, or descriptive "anomalies" contradicting the neoclassical model, have become accepted into mainstream economics with cross-disciplinary explanations under the new heading of “behavioral economics,” also evidenced by the 2002 Nobel Prize in Economics being awarded to Kahneman and Smith.
	www.towson.edu /~jpomy/behavioralecon/behavioralecon.html (6365 words)

	Framing the Future: Tomorrow's Border Economy - Economic Research Events - FRB Dallas
		Díaz-Bautista received a bachelor’s degree in economics from Instituto Tecnológico Autónomo de México and a master’s and Ph.D. in economics from the University of California at Irvine.
		She received the Milken Award for distinguished economic research in 2000 and was named one of the “Global Leaders for Tomorrow” as part of the World Economic Forum at Davos in 2003.
		She is a faculty research fellow at the National Bureau of Economic Research and a term member of the Council on Foreign Relations.
	www.dallasfed.org /news/research/2004/04future.html (2323 words)

	SSRN-Valuing Cultural Differences in Behavioral Economics by Justin Levinson, Kaiping Peng
		Behavioral economic research has tended to ignore the role of cultural differences in economic decision-making.
		The authors suggest that a systematic bias affects existing behavioral economic theory - cognitive biases are often assumed to be universal.
		To examine how cultural background informs economic decision-making, and to test framing effects, morality effects, and out-group effects in a cross-cultural study, the authors conducted an experiment in the United States and China.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=899688 (396 words)

	Category Economics - the free encyclopedia (Site not responding. Last check: 2007-10-31)
		Economics is a social science that studies human behavior and welfare as a relationship between ends socially required andscarce means which have alternative uses (Lionel Robbins, 1935).
		(This is not the only definition of economics; instead it is the dominant one.) Many of thearguments and techniques of modern economics involve mathematics, ranging from simple school-level mathematics to highly advancedmathematical techniques.
		See the list of economics topics for a farmore comprehensive list of economics topics.
	www.free-web-encyclopedia.com /default.asp?t=Category:Economics (129 words)

	Framing climate change \| Gristmill: The environmental news blog \| Grist
		Framing is also effective, but you've got to have volume before framing is going to matter.
		Framing is an important part of the discussion, the labels attached to things and the words used to discuss them have an important impact on how we hear what is being said.
		Most of the folks who are offering new solutions around framing, or (Al Gore and his new group) are proposing new coalitions to try to address the issue represent the "top down" approach, as it has been described elsewhere in GristMill.
	gristmill.grist.org /story/2006/5/20/212741/461 (4108 words)

	Linguistics prof. George Lakoff dissects the "war on terror" and other conservative catchphrases
		The important thing is not to accept their framing of the issues, nor just negate their framing — that just reinforces it.
		Meanwhile, by using this frame, we get a commander in chief, as the Republicans keep referring to Bush — a "war president" with "war powers," which imply that ordinary protections don't have to be observed.
		This goes against American egalitarianism and the idea of economic equity — that is, if people work hard and play by the rules, they should have a decent standard of living, assuming there's enough money in the economy as a whole.
	www.berkeley.edu /news/media/releases/2004/08/25_lakoff.shtml (2707 words)

	Amazon.de: Framing Effects in Taxation. An Empirical Study Using the German Income Tax Schedule (Contributions to ... (Site not responding. Last check: 2007-10-31)
		The subject of this work is framing effects in the perception of taxation.
		Its purpose is to demonstrate that the framing of the tax system, i.e.
		It is shown that people indeed are susceptible to framing effects in the way hypothesized.
	www.amazon.de /Taxation-Empirical-Schedule-Contributions-Economics/dp/3790812404 (210 words)

	Greg Mankiw's Blog: Framing and Progressivity
		Now that I teach Economics to high school students (mostly seniors), I will definitely keep this piece handy to help them clarify the arguments for and against the "fairness" of progressive taxation.
		You may not realize that you are relying on an unclear definition of "progressivity" and falling into the framing trap that was Greg's original point.
		Teachers and students at other schools, as well as others interested in economic issues, are welcome to use this resource.
	gregmankiw.blogspot.com /2006/05/framing-and-progressivity.html (2842 words)

	framing in Tool bags at Tool.Coderdir.com. Page 1 (Site not responding. Last check: 2007-10-31)
		In communication theory, and sociology, framing is a process of selective control over media content or public communication.
		Strategic Framing is an effort to revitalize progressive discourse by reframing progressive policies in ways that speak to shared American values.
		Framing refers to the camera operators ability to determine how much is visible in the field of view and how close the cameras subject appears to the viewer.
	tool.coderdir.com /Tool%20bags/framing (308 words)

	Center for Senior Citizens' Education Template
		While a good deal of attention is focused on how this fall’s election will affect key economic indicators - such as the rate of inflation or the unemployment rate – the election will also determine the path our country will travel in response to a wide range of critical policy challenges.
		The objective of this series is to put public discourse about them into an analytic context, deepening both our understanding and our appreciation of the alternative approaches we might take in responding to them.
		Framing the Policy Challenges: Economics and the 2004 Election
	www.stthomas.edu /csce/Framing_Policy.htm (200 words)

	Economist's View: The Framing Effect
		The sure option was presented in the Gain frame trials (A) as an amount of money retained from the starting amount (e.g., keep £20 of the £50) and in the Loss frame trials (B) as an amount of money lost from the starting amount (e.g., lose £30 of the £50).
		When the sure option was framed as a gain (as in "Keep £20"), subjects played it safe, gambling only 43% of the time on average.
		Some would say that the real function of the economics, like law, in society, is to further the systematic rationalizing of behavior, and the channelling, suppression and control of purely emotional (albeit organic) behavior.
	economistsview.typepad.com /economistsview/2006/08/the_framing_eff.html (4237 words)

	[Baren] Daily Digest
		Framing in wood takes longer but wood frames are very nice on wood cuts.
		I would always order wooden frames assembled, if they are off a bit they will catch it at the plant and save you a lot of grief.
		Metal frames are almost never off for some reason, maybe because they are cut with a saw and not a chopper.
	www.barenforum.org /archives/vol27/v27_2621.html (2376 words)

	Framing (via CobWeb/3.1 planetlab-3.cs.princeton.edu) (Site not responding. Last check: 2007-10-31)
		framing (communication theory) and sociology, where it relates to the contextual presentation of media content.
		framing (construction), the most common work of the carpentry trade.
		the act of creating (or using) a picture frame, as in framing a photo.
	www.e-tv.co.za.cob-web.org:8888 /f/r/a/Framing.html (157 words)

	Frames: a Colloquium in Linguistics, Philosophy and Economics
		Frames: a Colloquium in Linguistics, Philosophy and Economics
		We are pleased to inform you that the Centre for Theoretical and Applied Linguistics, the Department of Economics and the Department of Philosophy of the University of Bologna will jointly sponsor the conference Frames: a Colloquium in Linguistics, Philosophy and Economics.
		Framing is increasingly considered a central feature in linguistic interaction, social communication, the application of intelligence.
	www.allconferences.com /conferences/20060518055136 (189 words)

	The Strategic Framing Overview — Rockridge Institute
		The Strategic Framing Project intends to proceed with this research in a systematic fashion.
		The Strategic Framing Project will move forward on these different fronts by combining fundamental research with applied work that focuses on reframing specific issues.
		The overarching goal is to create a series of widely distributed publications and an easily replicable training program that can provide activists and policymakers with the tools they need to reclaim language, morality, and political initiative from the right.
	www.rockridgeinstitute.org /projects/strategic/framing (1039 words)

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