Approval with Frames

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Abstract

The aim of this study is to investigate the framing effects in approval making. In contrast to choice making in which an agent maximizes the utility, approval is binary classification behaviour in which an agent `approves' the items that are (weakly) preferred to the threshold. The frame is observable information that is irrelevant in the rational assessment over the items but affects approval decisions. We provide framework to study deterministic and stochastic approval with frames. The models are characterized based on axioms which are similar in spirit to Samuelson's WARP. We illustrate how one can deduce both the decision maker’s preference and the threshold from the observed behaviour.
Original languageEnglish
Article number102788
JournalJournal of Mathematical Economics
Early online date12 Nov 2022
DOIs
Publication statusE-pub ahead of print - 12 Nov 2022

Keywords

  • approval behaviour
  • framing effect

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