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We develop a model of decision-making with endogenous frames and contrast the normative implications of our model to those of choice theoretic models in which observed choices are determined by exogenous frames or ancillary conditions. We argue that, frames, though they may be taken as given by the decision-maker at the point when choices are made, matter for both welfare and policy purposes.
|Glasgow Author(s) Enlighten ID:||Ghosal, Professor Sayantan|
|Authors:||Dalton, P.S., and Ghosal, S.|
|College/School:||College of Social Sciences > Adam Smith Business School > Economics|
|Journal Name:||Social Choice and Welfare|
|Published Online:||09 December 2011|