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Money · Guided lesson

Measure a framed choice without claiming a causal trial

About 9 minutes · 3 reading + 6 practice and checks
Time includes reading, practice, and questions. Extra videos or further study are optional.
See this course’s project requirements

An original financial decision-case comparison and rule test covering anchored prices, sunk costs, recurring charges and delayed spending with a prewritten decision rule.

Keep your working files in your own notebook or software. Save a private description, checklist, and work link in My Proof.

What to include

  • A controlled price-anchor comparison and choice explanation.
  • A sunk/avoidable cost decision table.
  • A twelve-month price comparison and crossover calculation.
  • A dated value-comparison record and access-constraint note.
  • A framed-choice comparison with explicit design limitations.
  • A complete financial decision-case comparison and rule-retest log.

Review and revise

Use these criteria to check your work and choose what to improve.

  • All supplied records reconcile and the decision uses the named case rules.
  • Calculations show units, intermediate values and a second check.
  • Changed-input practice revises the affected result and identifies uncertainty.
  • The final project combines six lesson records, separates fictional assumptions from current rules, and states a supported next step.
Open the full course project
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Before you begin

The idea in everyday life

This is an original fictional practice case. No account, payment, personal record or outside participation is required. Supplied fictional responses: 10 people see price $80 with a $20 reduction, 7 choose buy; different 10 see identical final price $60, 4 choose buy. Groups were not randomized and no other facts are supplied.

The idea

Two descriptions of the same dollars can feel different; a small fictional record illustrates framing and does not establish population behavior.

Follow along

Measure a framed choice without claiming a causal trial — worked practice

Two descriptions of the same dollars can feel different; a small fictional record illustrates framing and does not establish population behavior.

Use paper or a local table; label all amounts as fictional USD unless the case names another unit. Supplied fictional responses: 10 people see price $80 with a $20 reduction, 7 choose buy; different 10 see identical final price $60, 4 choose buy. Groups were not randomized and no other facts are supplied.

Supplied nonrandomized fictional response counts

Paste at A1.

AGroupBDisplayed price USDCDisplayed reduction USDDFinal USDEPeopleFBuyers
Discount frame802060107
Final-price frame60060104

Copy as plain text
  1. 1. Step 1: Show that the final prices are identical

    Show that the final prices are identical.

    You should see: 80−20=$60 in both descriptions.

    Two descriptions of the same dollars can feel different; a small fictional record illustrates framing and does not establish population behavior.

  2. 2. Step 2: Calculate choice proportions

    Calculate choice proportions.

    You should see: 7/10=70%; 4/10=40%.

    Keep this intermediate result so the final decision can be checked.

  3. 3. Step 3: Compute the descriptive difference

    Compute the descriptive difference.

    You should see: 30 percentage points, not 30% of one group.

    Keep this intermediate result so the final decision can be checked.

  4. 4. Step 4: State what is not established

    State what is not established.

    You should see: No random assignment or comparable baseline is known, so the record does not prove framing caused the difference.

    Keep this intermediate result so the final decision can be checked.

Now change one thing

Second group has 5 buyers out of 10. Difference from 70% in percentage points?

Your work

What to finish

A framed-choice comparison with explicit design limitations.

Common mistake

Watch for this

Calling a nonrandomized fictional group difference proof of an effect.

How can I tell I understand it?

Calculate a financial-choice contrast and distinguish descriptive evidence from causation on the supplied changed case while preserving the stated rule and checking the final record.

Try 3 questions

Quick knowledge check

Answer all 3 questions. Get at least 2 right and the lesson completes automatically.

Not yet passed

You’ll get an explanation for each answer. Signed in? Your results save to your account.

16 of 10 versus 4 of 10 choose buy: descriptive difference?
2Why is causation not established in this supplied record?
3Which revision would keep the financial quantity constant in a framing test?
0 of 3 answeredApply the lesson to a short question, then review the explanation.
5
Finish this lesson

Pass the check. We’ll save the progress.

Answer all 3 questions above and get at least 2 right. You can review the explanations and try again.

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Sources and further reading

Explore the references behind this lesson.

Federal Reserve Education — Keys to Understanding Cognitive Biases
Source & access notes · checked 2026-10-01

Official page opened/read during Money expansion authoring; checked the relevant concept and access state. These sources do not establish funding eligibility.

Access: Official resource page and its readable overview/transcript inspected; no external LMS lesson or media playback is claimed.

Reuse: Original fictional practice, questions and calculations; paraphrased concepts with a source link. No source exercise copied.

Federal Reserve Education — Behave Yourself! Behavioral Economics for Kids
Source & access notes · checked 2026-10-01

Official page opened/read during Money expansion authoring; checked the relevant concept and access state. These sources do not establish funding eligibility.

Access: Official resource page and its readable overview/transcript inspected; no external LMS lesson or media playback is claimed.

Reuse: Original fictional practice, questions and calculations; paraphrased concepts with a source link. No source exercise copied.

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