A Test of Narrow Framing and Its Origin
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(2) EUROPEAN UNIVERSITY INSTITUTE, FLORENCE. DEPARTMENT OF ECONOMICS. A Test of Narrow Framing and Its Origin LUIGI GUISO. EUI Working Paper ECO 2009/02.
(3) This text may be downloaded for personal research purposes only. Any additional reproduction for other purposes, whether in hard copy or electronically, requires the consent of the author(s), editor(s). If cited or quoted, reference should be made to the full name of the author(s), editor(s), the title, the working paper or other series, the year, and the publisher. The author(s)/editor(s) should inform the Economics Department of the EUI if the paper is to be published elsewhere, and should also assume responsibility for any consequent obligation(s). ISSN 1725-6704. © 2009 Luigi Guiso Printed in Italy European University Institute Badia Fiesolana I – 50014 San Domenico di Fiesole (FI) Italy www.eui.eu cadmus.eui.eu.
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(37) E6GI>8JA6G 8>G8JBHI6C8:H 6C9 7: 8=6G68I:G>O:9 7N 6 ADL:G K6AJ: D; #C I:GBH D; I=: 67DK: EG:;:G:C8: G:EG:H:CI6I>DC A:I 9:E:C9 DC 688:HH>7>A>IN 9:CDI:9 7N 6C9 G:6HDC>C< 9:CDI:9 7N &:I 7: 6C >C9:M I=6I I6@:H K6AJ:H 7:IL::C 6C9 D; I=: :6H: L>I= L=>8= I=: G:A:K6CI :A:B:CIH D; I=: 9:8>H>DC 6G: 688:HH>7A: 88:HH>7>A>IN L>AA 9:E:C9 DC =DL I=:H: :A:B:CIH 6G: G:EG:H:CI:9 I=: 8DCI:MI L=:G: I=: 9:8>H>DC >H B69: :I8 K6AJ: D; >BEA>:H I=6I I=:H: :A:B:CIH 6G: >BEDHH>7A: ID K>HJ6A>O: 6C9 I=JH ID JH: >C 6 9:8>H>DC 6H ;DG >CHI6C8: L=:C >C;DGB6I>DC >H B69: 6K6>A67A: >C 6C JC@CDLC A6C<J6<: DG I=: 8DCI:MI L=:G: I=: 9:8>H>DC >H B69: >H HJ8= I=6I >I >H K:GN =6G9 ID 7G>C< ID B>C9 HDB: G:A:K6CI :A:B:CIH :K:C I=GDJ<= :XDGI;JA G:6HDC>C< K6AJ: D; >BEA>:H >CHI:69 I=6I 6AA I=: :A:B:CIH 6G: G:69>AN 688:HH>7A: .=>C@>C< BD9: 86C 6AHD 7: I=DJ<=I D; 6H 6 8DCI>CJDJH K6G>67A: I=6I K6G>:H 7:IL::C 6C9 L>I= 9:CDI>C< EJG: >CIJ>I>K: I=>C@>C< 6C9 EJG: G:6HDC>C< H>BEA: G:A6I>DCH=>E I=6I 86EIJG:H I=: 9:E:C9:C8: D; I=: 9:<G:: D; C6GGDL ;G6B>C< ;GDB 688:HH>7>A>IN 6C9 I=>C@>C< BD9: >H . .=>H ;DGB6A>O6I>DC =6H H:K:G6A >CI:G:HI>C< EGDE:GI>:H >GHI ;DG <>K:C 9:. E:C9:C8: DC C6GGDL ;G6B>C< 9:8A>C:H 6H 688:HH>7>A>IN >C8G:6H:H -:8DC9 BDG: >CIJ>I>DC >CI:CH: 9:8>H>DCH ADL:G >BEAN 8:I:G>H E6G>7JH BDG: C6GGDL ;G6B. >C< .=>G9 I=: 9:8A>C: >C C6GGDL ;G6B>C< 6H 688:HH>7>A>IN >C8G:6H:H >H BDG: EGDCDJC8:9 L=:C >C9>K>9J6AH 76H: 9:8>H>DCH BDG: DC G:6HDC>C< I=6C DC >CIJ>I>DC .=>H 86EIJG:H I=: >9:6 I=6I >CIJ>I>DC 76H:9 9:8>H>DCH 6G: A:HH 86E67A: D; 7:C:PI>C< ;GDB >C8G:6H:9 688:HH>7>A>IN .=: >BEDGI6CI ED>CI >H I=6I >; DC: 86C >C9J8: K6G>6I>DC >C I=: 9:<G:: D; 688:HH>7>A>IN 6C9 EDHH>7AN >C I=: L6N 9:8>H>DCH 6G: B69: DC: 86C D7I6>C K6G>6I>DC >C I=: 9:<G:: D; C6GGDL ;G6B>C< 6C9 I=JH 7: 67A: ID 6HH:HH >IH :BE>G>86A G:A:K6C8: .=>H >H I=: I:HI HIG6I:<N # ;DAADL >C I=>H E6E:G :;DG: >AAJHIG6I>C< =DL # 9:K>H: I=: I:HI >I >H LDGI= B:CI>DC>C< I=6I I=:G: 8DJA9 7: DI=:G HDJG8:H D; C6GGDL ;G6B>C< 7:H>9:H 688:HH>7>A>IN 6C9 BD9:H D; I=>C@>C< DG >CHI6C8: 6G7:G>H 6C9 "J6C< 6G<J: I=6I C6GGDL ;G6B>C< B6N G:Q:8I CDC 8DCHJBEI>DC JI>A>IN HJ8= 6H G:<G:I ,:<G:I >H 8DBBDCAN 9:PC:9 6H I=: C6<<>C< ;::A>C< D; =6K>C< B69: I=: LGDC< 8=D>8: H=JCC>C< 6 7:II:G 6AI:GC6I>K: ,D:H: 6C9 )AHDC #I >H 6 EGDB>C:CI ;DGB D; 8DJCI:G;68IJ6A I=>C@>C< I=: 8DBE6G>HDC 7:IL::C SL=6I B><=I =6K: 7::CT 6C9 SL=6I 68IJ6AAN L6HT ->C8: G:<G:I >H INE>86AAN A>C@:9 ID I=: 8DBE6G>HDC D; I=: 8DCH:FJ:C8:H D; 6 74*(.?( 68I>DC A>@: I=: <6>C DG ADHH L=:C 688:EI>C< 6 ADII:GN L>I= I=DH: D; ,:9:AB:>G 6C9 .K:GH@N 6C9 ,:69 6C9 &DL:CHI:>C 6G<J: I=6I 9:8>H>DC ;G6B:H 69DEI:9 7N >C9>K>9J6AH 6G: 6X:8I:9 7N I=: L6N I=: K6G>DJH 6AI:GC6I>K:H 6G: EG:H:CI:9 C6B:AN L=:I=:G 9:8>H>DCH 6G: EG:H:CI:9 ID I=:B DC: 6I I>B: DG H>BJAI6C:DJHAN 6X:8IH =DL I=:N ;G6B: I=:B .=: 8DC8:EI D; 688:HH>7>A>IN 8DCI6>CH I=>H EDHH>7>A>IN 1=:C 9:8>H>DCH 6G: EG:H:CI:9 H>BJAI6C:DJHAN I=:>G 6<<G:6I: :X:8IH 6G: BDG: 688:HH>7A: I=6C L=:C I=:N 6G: EG:H:CI:9 H:. FJ:CI>6AAN 6C9 9>HI6CI ;GDB :68= DI=:G )JI I:HI HIG6I:<N 86C 7: H::C 6H DC: I=6I B6C>EJA6I:H I=: :MI:CI D; I=: H:E6G6I>DC 7:IL::C I=: 9:8>H>DC 6C9 DI=:G :A:B:CIH I=6I 6G: G:A:K6CI ID >I. .
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
(39) 1328-7 (&2 =39 8*00 1* & 8-* 1.2.191 &13928 8-&8 3:*6 8-*
(40) 1328-7 =39 *<4*(8 83 *&62 2*8 3+ 8&<*7 '98 .2(09).2, .8*17 0./* 3:*68.1* '3297*7 *8( & 8-* 1&<.191 &13928 8-&8 3:*6 8-*
(41) 1328-7 =39 *< 4*(8 83 *&62 2*8 3+ 8&<*7 '98 .2(09).2, .8*17 0./* 3:*68.1* '3297*7 *8( &2 =39 23; 8*00 1* 8-* 463'&'.0.8= 8-&8 =39 ;390) &77.,2 83 =396 .2(31* '*.2, ,6*&8*6 8-&2 8-* :&09* 8-* .28*6:.*;*6 6*&)7 8-* :&09* 8-&8 &44*&67 32 8-* 132.836 "-&8 .7 .+ =39 ;*6* 83 &77.,2 & 7(36* '*8;**2 &2) . 83 8-* *:*28 =396 .2(31* 3:*6 8-* 2*<8
(42) 1328-7 ;.00 '* ,6*&8*6 8-&2 $ ;-&8 7(36* ;390) =39 &77.,2 /C9:G 8:GI6>C 6HHJBEI>DCH 67DJI I=: H=6E: D; I=: 9>HIG>7JI>DC 67DK: 6C9 7:ADL I=: B>9ED>CI I=>H >C;DGB6I>DC 6AADLH ;DG 6C :HI>B6I: D; 9>X:G:CI BDB:CIH .
(43) D; I=: 9>HIG>7JI>DC D; ;JIJG: :6GC>C<H >C8AJ9>C< B:6HJG:H D; JC8:GI6>CIN .=: H>BEA:HI L=>8= G:FJ>G:H CD 9>HIG>7JI>DC6A 6HHJBEI>DCH 6C9 L=>8= # L>AA 7: JH>C< A6I:G DC >H I=: G6C<: L=>8= >H EDH>I>K: >; I=: >C9>K>9J6A ;68:H HDB: >C8DB: JC8:GI6>CIN .=>H FJ:HI>DC L6H 6H@:9 IDL6G9H I=: B>99A: E6GI D; I=: >CI:GK>:L 6;I:G H:K:G6A DI=:G H:8I>DCH 8DK:G>C< >C;DGB6I>DC DC 9:BD<G6E=>8H :9J86I>DC 6II>IJ9:H 6C9 EGDE:CH>IN ID H6K: 6C9 >CK:HI PC6C8>6A >C;DGB6I>DC 6C9 76C@>C< G:A6I>DCH PC6C8>6A EDGI;DA>DH -:8DC9 G:HEDC9:CIH L:G: 6H@:9 L=:I=:G I=:N LDJA9 7: L>AA>C< ID 688:EI 6 HB6AA ADII:GN >C L=>8= L>I= EGD767>A>IN
(44) NDJ :>I=:G L>C :JGDH DG ADH: :JGDH .=: :M68I LDG9>C< D; I=: EGDEDH:9 ADII:GN >H !94437* 8-&8 3:*6 8-* 2*<8
(45) 1328-7 & 71&00 .2:*781*28 3+ . *9637 &003;7 =39 83 ,&.2 *9637 ;.8- & 463'&'.0.8=
(46) &2) 83 037* 8-* . *9637 ;.8- 463'&'.0.8=
(47) 2 *.8-*6 (&7* =39 ;.00 /23; &'398 8-* 398(31* 3+ 8-* .2:*781*28 .* ;-*8-*6 =39 ;.00 ,*8 *9637 36 =39 ;.00 -&:* 83 4&= . *9637
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
(51) .2 8*617 3+ 46.(* 59&0.8= 6&8.3 3; )3*7 8-.7 )*7(6.48.32 ?87 =396 8=4* T )C: LDJA9 :ME:8I I=: 9:H8G>EI>DC ID PI E:DEA: L=D G:AN DC G:6HDC>C< 7:II:G C9 >C ;68I I=: SEJG8=6H: BD9:T K6G>67A: >H =><=AN 8DGG:A6I:9 L>I= I=: I=>C@>C< BD9: >C9>86IDG *:DEA: L=D G:AN BDG: DC G:6HDC>C< I:C9 ID K>H>I BDG: H=DEH 6C9 B6@: BDG: 8DBE6G>HDCH I=6C I=DH: L=D G:AN DC >CIJ>I>DC .=: 8DGG:A6I>DC 8D:W8>:CI 7:IL::C I=: ILD K6G>67A:H >H 6C9 6 G:<G:HH>DC D; I=>C@>C< BD9: DC EJG8=6H: BD9: G:HJAIH >C 6 =><=AN HI6I>HI>86AAN H><C>P86CI 8D:W8>:CI 8. 78&8 H:8DC9 8=:8@ >H ID 8DGG:A6I: I=>C@>C< BD9: L>I= 6C >C9>86IDG D; EA6CC>C< 67>A>IN 6K6>A67A: >C I=: / - L=>8= 6H@H E6GI>8>E6CIH S*2*6&00= 74*&/.2, ;-*2 =39 (-337* 83 ,3 32 :&(&8.32 )3 =39 )*(.)* ;-*6* 83 ,3 &2) )3 8-* '33/.2, & ,*2*6&00= ;*00 .2 &):&2(* ' 32 8.1* ( &8 8-* 0&78 1.298* # G:8D9: I=>H K6G>67A: HD I=6I >I >H :FJ6A ID ;DG A6HI B>CJI: 6C9 ;DG L:AA >C 69K6C8: ,:H:6G8= >C C:JGDH8>:C8: =6H H=DLC I=6I >C9>K>9J6AH L>I= 6C >BE6>G:9 86E68>IN ID ;::A :BDI>DCH 6C9 ID I=>C@ >CIJ>I>K:AN 6AHD A68@ EA6CC>C< 86E67>A>IN 6B6H>D .G6C:A 6C9 6B6H>D 6B6H>D ":C8: >; >C9>K>9J6AH 9:H8G>7: I=:>G I=>C@>C< BD9: 8DGG:8IAN DC: H=DJA9 PC9 I=6I I=DH: L=D G:AN BDG: DC >CIJ>I>DC 86C B6C6<: EA6CC>C< BDG: 8DB;DGI67AN 6C9 I=JH C::9 CDI 9:8>9: I=: 9:I6>AH D; 6 K686I>DC IDD BJ8= 6=:69 DCH>HI:CI L>I= I=>H K>:L # PC9 I=6I >CIJ>I>K: I=>C@:GH I:C9 ID 8DBB>I ID I=: 9:I6>AH D; I=: K686I>DC A6I:G I=6C I=DH: L=D G:AN DC G:6HDC>C< 6 G:<G:HH>DC D; I=>C@>C< BD9: DC I=: =DA>96N EA6CC>C< >C9>86IDG N>:A9H 6 =><=AN HI6I>HI>86AAN H><C>P86CI 8D:W8>:CI K6AJ: -:8DC9 H>C8: # G:AN DC 9>X:G:C8:H 7:IL::C >C9>K>9J6AH >C =DL I=:N B6@: 9:8>H>DCH I=: JC9:GAN>C< 6HHJBEI>DC >H I=6I :K:C I=DJ<= 6AA E:DEA: D7K>DJHAN JH: 7DI= BD9:H D; I=>C@>C< >CIJ>I>K: I=>C@>C< >H BDG: EG:K6A:CI >C HDB: I=6C >C DI=:GH .=6I >H G:A>6C8: DC >CIJ>I>DC K:GHJH G:6HDC>C< BJHI 7: ID HDB: :M. I:CI 6C >C9>K>9J6A IG6>I -I6CDK>8= 6C9 1:HI EGDK>9: :K>9:C8: ;DG I=>H 6HHJBEI>DC .=:N 6G<J: I=6I I=: HNHI:B6I>8 9>X:G:C8:H >C E:G;DGB6C8: ;DG 6 A6G<: K6G>:IN D; I6H@H D7H:GK:9 >C 6 H6BEA: D; >C9>K>9J6AH 86C 7: IG68:9 ID I=: EG:K6A:C8: D; DC: HNHI:B D; I=>C@>C< DG I=: DI=:G ->B>A6GAN %A:>C DX:GH CJB:GDJH :M6BEA:H 8DCH>HI:CI L>I= I=: >9:6 I=6I >C9>K>9J6AH 9>X:G HNHI:B6I>. 86AAN >C I=:>G EGDE:CH>IN ID G:AN DC >CIJ>I>DC >C6AAN ID D7I6>C 6C >C9>86IDG D; G:<G:I >C9>K>9J6AH L:G: 6H@:9 ID 6CHL:G I=: ;DAADL>C< E6>G D; FJ:HI>DCH ;D8JH>C< G:HE:8I>K:AN DC ADHH:H >C8JGG:9 ADHH:H 6C9 <6>CH ;DG<DC: 390) =39 40*&7* 8*00 1* -3; =39 ;390) 6*&(8 .+ =39 +392) =396 7*0+ .2 8-* +3003;.2, 7.89&8.32 ";3 =*&67 &,3 & +6.*2) ;-3 .7 /23;0 *),*&'0* &'398 ?2&2(* 6*(311*2)*) 8-&8 =39 92)*68&/* &2 .2:*78 1*28 ;-.(- 32 8-* '&7.7 3+ 8-* .2+361&8.32 &:&.0&'0* 83 -.1 8-*2 -&) ,33) (-&2(*7 3+ 79((*77 %39 (-37* 238 83 1&/* 8-* .2:*781*28 *&2;-.0* 8-* :&09* 3+ 8-* .2:*781*28 -&7 136* 8-&2 )39'0*) &2) -&) =39 1&)* .8 .=: EDHH>7A: 6CHL:GH 6G: S(DI 6I 6AAT S0:GN A>IIA: S-DB:L=6I T S ADH: :CDJ<=T S0:GN BJ8=T 1: 8D9: I=:H: 6CHL:GH 6II68=>C< CJB7:GH 7:IL::C 6C9 #C -:8I>DC # 9>H8JHH >C 9:I6>A =DL I=>C@>C< BD9: >H G:A6I:9 ID 8D<C>I>K: 67>A>IN 6C9 H=DL I=6I >I >H CDI 6 EGDMN ;DG I=: A6II:G. .
(52) =39 (390) -&:* 1&)* & '., ,&.2 2 79(- (.6(9178&2(*7 83)&= =39 ;390) **40= 6*,6*8 +36 238 -&:.2, 1&)* 8-* .2:*781*28 *,6*8 '98 238 '* 833 947*8 **0 23 6*,6*8 3; 8-.2/ 3+ &238-*6 7.89&8.32 %39 .2:*78*) & 7.,2.?(&28 &13928 .2 8-* .2:*781*28 8-&8 ;&7 6*(311*2)*) *&2;-.0* 1&6/*8 (32).8.327 -&:* )*8*6.36&8*) &2) =396 .2:*781*28 -&7 0378 -&0+ 3+ .87 :&09* 2 79(- & (.6(9178&2(*7 83)&= =39 ;390) **40= 6*,6*8 +36 238 -&:.2, 1&)* 8-* .2:*781*28 *,6*8 '98 238 '* 833 947*8 **0 23 6*,6*8 # =6K: 8D9:9 I=: K6G>67A: G:<G:I ;DG ADHH:H 6H >; CD G:<G:I >H ;:AI >; HDB: G:<G:I 6C9 ;DG 9::E G:<G:I ,:<G:I ;DG ;DG<DC: <6>CH >H 8D9:9 H>B>A6GAN .=: K6HI B6?DG>IN D; >C9>K>9J6AH G:<G:I ADHH:H :>I=:G 9::EAN DG ID HDB: :MI:CI I=: G:B6>C>C< LDJA9 ;::A CD G:<G:I ,:<G:I ;DG<DC: <6>CH >H A:HH >CI:CH: 6H DCAN G:EDGI 9::E G:<G:I L=>A: H=DL CD G:<G:I 6I 6AA .67A: E6C:A 2:I I=: ILD B:6HJG:H D; G:<G:I 6G: EDH>I>K:AN 8DGG:A6I:9 8DGG:A6I>DC 8D:W8>:CI .=:H: K6G>67A:H 86C 7: JH:9 ID I:HI HDB: D; I=: >BEA>86I>DCH D; C6GGDL ;G6B. >C< I=:DG>:H 9>G:8IAN. . &&+5+10#. 7#3+#$.'4 3+4- #7'34+10 53645 #0& 5+/' &+4 %1605. :H>9:H I=: K6G>67A:H >AAJHIG6I:9 67DK: I=: 8DG: D; DJG I:HI I=: HJGK:N D7I6>CH HDB: 9:I6>A:9 PC6C8>6A 6C9 9:BD<G6E=>8 K6G>67A:H ":G: 9:BD<G6E=>8 K6G>67A:H G:;:G ID G:HEDC9:CIH ID I=: HB6AA ADII:GN 6C9 >C8DB: :ME:8I6I>DCH FJ:HI>DCH -:K:G6A E6GIH D; I=: FJ:HI>DCC6>G: 8DK:G >C9>K>9J6AHR 6II>IJ9:H DC HJ8= B6I. I:GH 6H G>H@ I>B: 9>H8DJCI 6C9 <:C:G6A IGJHI ->C8: K6G>6I>DC >C 688:EI6C8: D; I=: HB6AA ADII:GN B6N G:Q:8I HJ8= 6II>IJ9:H I=:H: FJ:HI>DCH 86C EGDK: ID 7: >BEDGI6CI 8DCIGDAH ,>H@ 6K:GH>DC >H B:6HJG:9 7N 6 FJ6A>I6I>K: >C9>86IDG D; G>H@ IDA:G6C8: E6I. I:GC:9 6;I:G I=: -JGK:N D; DCHJB:G >C6C8: S#-.(- 3+ 8-* +3003;.2, 78&8* 1*287 (31*7 (037*78 83 8-* &13928 3+ ?2&2(.&0 6.7/ 8-&8 =39 &6* ;.00.2, 83 8&/* ;-*2 =39 1&/* =396 ?2&2(.&0 .2:*781*28 & :*6= -.,- 6*8962 ;.8- & :*6= -.,- 6.7/ 3+ 037.2, 8-* 132*=
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