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Cognitive Psychology: Decision making a. In relation to decision making, explain the idea of a ‘framing...

Cognitive Psychology: Decision making

a. In relation to decision making, explain the idea of a ‘framing effect’? Use a real-life example to describe this phenomenon.

b. What is the prospect theory? How does it differ from the traditional ‘Expected utility theory’?

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Answer #1

A. Framing effect is a type of cognitive bias that impacts decision making based on a particular information is presented, that is, in a positive or negative frame. Thus framing affects how outcomes of the choices individuals make are evaluated. In the field of advertising, framing is constantly used by companies to promote their own products and critique that of their competitors. For instance, a shampoo brand may claim that their product has successfully proven to reduce hair fall 70% of the time. This is a type of positive framing wherein customers maybe enticed to make a purchase. However, if it is communicated that the shampoo fails to show any benefit 30% of time, it is likely to create a negative frame and thereby discourage its purchase.

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