A central tenet of rational decision - making is logical consistency across decisions, regardless of the manner in which avail-able choices are presented. This assumption, known as invariance, which is a fundamental axiom of the normal decision - making theo-ry, is challenged by a wealth of empirical data. Kahneman and Tversky originally described this deviation from rational decision - mak-ing, which they termed as the framing effect. The framing effect refers to the phenomenon that people respond differently to the sameproblem with different ...
