The present paper proposes a literature review about the framing effect on decision making. The framing effect refers to the belief that people answer in distinct ways to different descriptions of the same problem. Thus, the article begins exploring the rise of the prospect theory, responsible for the studies of the framing effect, regarding the distinct variables studied in relation to this effect. The advance of the studies highlighted the different types of framing effect (risky, goal framing and attribute), that disagree in terms of operational definition, result patterns and interpretation theories. The prospect theory nevertheless was found only adequate for analysis and interpretation of the effect solely in a risky context.
Cognitive psychology; Cognitive processes; Decision making; Framing eff