Before revision: The main observation of CPT (and its predecessor Prospect Theory ) is that people tend to think of possible outcomes usually relative to a certain reference point (often the status quo) rather than to the final status, a phenomenon which is called framing effect.
After revision: The main observation of CPT (and its predecessor prospect theory ) is that people tend to think of possible outcomes usually relative to a certain reference point (often the status quo) rather than to the final status, a phenomenon which is called framing effect.