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When we make decisions, we often take the way they are presented to us at face value. Maybe a sales person offers you a menu of investment options or maybe a single recommendation; either way, you can bet a lot of thought went into the architecture of the choice presented to you.<\/p>\n

Amos Tversky and Daniel Kahneman, the fathers of behavioral economics, wrote in “The Framing of Decisions and the Psychology of Choice<\/a>” in 1981, that the way decisions are presented can drive our decisions as much as the facts themselves.<\/b> They can even drive us to irrationality, that is, decisions that are not in our best interests.<\/p>\n

Their famous example puts you in the shoes of a policymaker faced with an awful dilemma: a deadly disease has been discovered that is expected to kill 600 people and there are two programs, X and Y, available to combat the disease. The table below has two equivalent framings of the decision.<\/p>\n

\n\n\n\n\n\n
\n

Framing A<\/span><\/p>\n<\/td>\n

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Framing B<\/span><\/p>\n<\/td>\n<\/tr>\n

\n
    \n
      \n
    1. If Program X is adopted, 200 people will be saved. <\/span><\/li>\n<\/ol>\n<\/ul>\n<\/td>\n
\n
    \n
      \n
    1. If Program X is adopted 400 people will die.<\/span><\/li>\n<\/ol>\n<\/ul>\n<\/td>\n<\/tr>\n
\n
    \n
      \n
    1. If Program Y is adopted, there is 1\/3 probability that 600 people will be saved, and 2\/3 probability that no people will be saved.<\/span><\/li>\n<\/ol>\n<\/ul>\n<\/td>\n
\n