Risky‐choice framing and rational decision‐making

This article surveys the latest research on risky-choice framing effects, focusing implications for rational decision-making. An influential program of psychological suggests that people's judgements and decisions depend way in which information is presented, or ‘framed’. In a central choice paradigm, decision-makers seem to adopt different preferences, attitudes risk, depending whether options specify number people who will be saved corresponding die. It standardly assumed such responses violate foundational tenet decision-making, known as principle description invariance. We discuss recent theoretical empirical challenges dominant ‘irrationalist’ narrative. These approaches typically pay close attention how represent decision problems (including their interpretation numerical quantifiers predicate choice) they highlight need more robust characterization invariance principle. conclude by indicating avenues future could bring us closer complete—and potentially rationalizing—explanation effects.