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- W2754440447 abstract "This contribution deals with the various ways in which Rational Choice Theory (RCT) and behavioral economics have reacted to the numerous violations of the axiom of irrelevant alternatives by framing-effects. It starts with reporting the findings of some variations of the seminal Kahneman-Tversky-Experiments, which show that, even with strong changes in incentives, significant effects of the verbal “definition of the situation” remain. The reactions of RCT and behavioral economics to similar findings in game-theoretical experiments (also with “real” incentives) are summarized by three points: widening, annexations and by-catches. Widening refers to adding new types of incentives to the utility functions of a then “wide” RCT. Annexations means attempts to incorporate certain parts of sociology, anthropology and (social-) psychology into the framework of a (wide) RCT. By-catches are unnoticed discoveries of framing- effects in empirical investigations, which at first sight fail to find or seem to refute them. The contribution is embedded in the framework of themodel of frame-selection (MFS), an approach designed to integrate the different concepts andmechanisms in a formal model. The contribution closes with some other recent efforts to develop such an “integrated” theory of action from inside of RCT." @default.
- W2754440447 created "2017-09-25" @default.
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- W2754440447 date "2017-09-11" @default.
- W2754440447 modified "2023-09-27" @default.
- W2754440447 title "When Prediction Fails" @default.
- W2754440447 doi "https://doi.org/10.1515/9783110472974-024" @default.
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