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Explaining bias with bias
Krzysztof Przybyszewski1, Dorota Rutkowska2, Michał Białek3
1Department of Economic Psychology, Kozminski University, 03-301 Warsaw, Polandcrispy@kozminski.edu.pl.
Abstract:
Bermúdez argues that a framing effect is rational, which will be true if one accepts that the biased editing phase is rational. This type of rationality was called procedural by Simon. Despite being procedurally rational in the evaluation phase framing effect stems from biased way we set a reference point against which outcomes are compared.
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