Here's how framing coronavirus risks impacts a state’s willingness to reopen its economy: ForbesFrontlines
But there is more than just economics driving these decisions. Policies and behaviors are shaped by how leaders frame reopening solutions to themselves and their constituents. As a behavioral principle, framing describes how humans tend to make decisions using the framework within which choices are presented. The phenomenon has been observed in many different situations, but perhaps none more relevant to the current situation thanIn those tests, participants were asked to imagine that the U.S.
The insight is two-fold: framing matters, and our willingness to take risks can depend on how it is being framed. When solutions were framed as the prospect of gains , most participants were risk-averse and took the proverbial bird in hand. But when solutions were framed as the prospect of losses , most people were more willing to take risks and roll the dice.
Leaders can also recognize that solutions framed around loss may resonate differently than those framed around gain . The same can be true of economic recovery .
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