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On Embedded Choice Theory: Re-framing and Emotions

Author

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  • Diego Lanzi

    (School of Economics, Management and Statistics, University of Bologna; 40126 Bologna, ITALY)

Abstract

In an earlier paper, I suggested a model of embedded choice in which choice structures were embedded in framing super-structures defined and supported by social norms, moral values and the like. Although I did mention the role of emotions as possible embeddedness superstructures, I did no focus explicitly on them, or on their ability to affect choice behaviour. This is the main topic of the present paper. We discuss the concept of emotional embeddedness and its connections with choice problem¡¯s features and analyze how emotions operate on choice superstructures¡¯ intensity and valence, thus affecting how individuals re-frame choice problems. Interestingly, in doing this, we shall confirm the relevance of well-known phenomena in behavioral studies on framing effects: preference reversals, preference confidence and internal framing.

Suggested Citation

  • Diego Lanzi, 2018. "On Embedded Choice Theory: Re-framing and Emotions," Review of Economics & Finance, Better Advances Press, Canada, vol. 11, pages 19-30, February.
    • Handle: RePEc:bap:journl:180102
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    References listed on IDEAS

    as
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    6. Dorian Jullien, 2016. "All Frames Created Equal are Not Identical: On the Structure of Kahneman and Tversky's Framing Effects," GREDEG Working Papers 2016-17, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
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    More about this item

    Keywords

    Emotions; Choice; Frame effects;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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