Art Market Economics
The framing effect refers to the cognitive bias where people's decisions and judgments are influenced by the way information is presented, rather than just the information itself. This means that the same piece of information can lead to different reactions depending on how it is framed, such as whether it is presented in a positive or negative light. In the context of art valuation, this effect highlights the importance of expert opinions and how their presentation can shape perceptions of value.
congrats on reading the definition of framing effect. now let's actually learn it.