Revealed-Preference Analysis with Framing Effects

• 成果类型: Article
• 署名作者: Goldin, Jacob; Reck, Daniel
• 署名单位: Stanford University; National Bureau of Economic Research; University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/706860
• 发表日期: 2020
• 页码: 2759-2795
• 关键词: choice; INFORMATION; identification; frictions; defaults

摘要

In many settings, decision makers' behavior is observed to vary on the basis of seemingly arbitrary factors. Such framing effects cast doubt on the welfare conclusions drawn from revealed-preference analysis. We relax the assumptions underlying that approach to accommodate settings in which framing effects are present. Plausible restrictions of varying strength permit either partial or point identification of preferences for the decision makers who choose consistently across frames. Recovering population preferences requires understanding the empirical relationship between decision makers' preferences and their sensitivity to the frame. We develop tools for studying this relationship and illustrate them with data on automatic enrollment into pension plans.