This one they called “framing.” Simply by changing the description of a situation, and making a gain seem like a loss, you could cause people to completely flip their attitude toward risk, and turn them from risk avoiding to risk seeking. “We invented framing without realizing we were inventing framing,” said Danny. “You take two things that should be identical—the way they differ should be irrelevant—and by showing it isn’t irrelevant, you show that expected utility theory is wrong.” Framing, to Danny, felt like their work on judgment. Here, look, yet another strange trick the mind played on
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