people are less upset than when they miss getting an early payment discount than when they are asked to bear a late payment surcharge. this best illustrates the importance of

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26-10-2022
Business

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people are less upset than when they miss getting an early payment discount than when they are asked to bear a late payment surcharge. this best illustrates the importance of

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Tundexi Tundexi · Answer 1 · 2022-11-01T12:21:21-04:00

In a situation when people get less upset than when they miss by getting an early payment discount than when they are asked to bear a late payment surcharge, this best illustrates the importance of framing.

What do we understand by framing?

In psychology, the term "framing" is known as framing effect, which is a cognitive bias where people decide on options based on whether the options are presented with positive or negative connotations such as either a loss or as a gain.

Most individuals tend to avoid a risk when the positive frame is presented but seek risks when a negative frame is presented So, in this case, the gain & loss are defined in the scenario as descriptions of outcomes such as when lives lost or saved, disease patients treated and not treated etc.

The concept of framing also helps to develop an understanding of frame analysis within social movements and also in the formation of political opinion where spin plays a large role in political opinion polls that are framed to encourage a response beneficial to the organization that has commissioned the poll.