APS
29th APS Annual Convention · 2017
On Balance: Broadening the Frame Improves Decision Accuracy
- Raegan Tennant
The University of Chicago - Richard Thaler
The University of Chicago
Abstract
We conducted eight experimental studies to empirically test the hypothesis that broaden-the-frame is better than just-guess as a decision-making procedure. On average, broadening the decision frame improved decision accuracy in all domains. Our findings have meaningful implications for practitioners, though a drawback may limit the application of this prescriptive procedure.
Judgment and Decision Making