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Published online by Cambridge University Press: 15 October 2020
It’s time to take stock. We have seen many examples of framing effects. Some are nicely revealed in the laboratory. Others appear when we look closely at financial markets and investments. Still others run through everyday life. These framing effects have a reasonably well understood basis in the brain. They seem to be as real as real can be. So now we need to start tackling a fundamental issue. This has come up on many occasions, but up to now we have kept on putting it to one side. So far, we have focused on reporting framing effects and understanding what they involve. But, even though I have been trying to be dispassionate and neutral, it should be clear to everyone that framing effects have not had a good press. The issue for now, and it will occupy us in one form or other for the rest of this book, is whether and how this is justified. Are framing effects always a negative? Are people susceptible to them always irrational?
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