What is the difference between the isolation effect and framing . They both look the same to me .
Please assist.
framing is a more general term , can apply to a number of different decision making situations. Isolation effect is a single facet of it , namely concentrating on 1 variable out of two or more which should be jointly considered , but are not.
e.g. Framing is the general problem of choosing between certain wins and uncertain gain/loss , both of which give same expected value, or in another case of framing , a certain loss and an uncertain loss both of which give the same expected value.
Isolation efffect is the aspect of choosing between 1 of the numbers going into the expected value ( either the money or return aspect or the probability aspect , but not both jointly ).
e.g. in the framing constext of wins , choosing a fixed lower number of dollars won over an uncertain higher number of dollars won , in isolation of the probability of achieving it.
In the loss situation , it might mean choosing a risky loss at higher probability over a certain loss , but ignoring the dollars lost ( even when the expected value is the same )
Isolation effect is part of Prospect Theory. In the evaluation phase, one of the steps is cancelation. When you cancel certain outcomes, you focus on just a few outcomes. Hence, yuo are Isolating your expected outcomes.
Framing is how info is presented. I think for Framing, it is more important to know that it is a Cognitivie Error stemming from Information Processing. Depending on how information is presented, your decision may change.