Diana Richards

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A framing effect occurs when different, but logically equivalent, words or phrases (e.g., 10% employment or 90% unemployment) cause individuals to alter their decisions. Demonstrations of framing effects challenge a fundamental tenet of rational choice theory and suggest that public opinion is so malleable that it cannot serve as a useful guide to(More)
An important puzzle in the study of complex systems is the conditions under which the aggregation of information from interacting agents results in a stable or an unstable collective outcome. We present a general framework for thinking about the stability and instability of collective outcomes that focuses on the effects of mutual knowledge. We show that if(More)
Complex decision making typically involves many agents attempting to aggregate many alternatives. If agents' preferences are unconstrained, cyclic outcomes are highly probable. In contrast, we show that if agents share similar models of the choice domain, then a stable collective outcome occurs with about 90% probability. These results have implications for(More)
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