Framing effects in expert assessments of optimal GDP development

Optimal economic development is a central topic across societies, usually giving Gross Domestic Product (GDP) growth rates a central role. This study delves into the psychological implications of different GDP development framings among academic experts. In an online experiment involving academic re...

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Bibliographic Details
Published in:Ecological economics 2024-09, Vol.223, p.108240, Article 108240
Main Authors: Suter, Manuel, Strahm, Noel, Bundeli, Till, Kaessner, Kaja, Cologna, Viktoria, Berger, Sebastian
Format: Article
Language:English
Subjects:
Economic Development
Framing
Growth Factor
Growth Rate
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Summary:Optimal economic development is a central topic across societies, usually giving Gross Domestic Product (GDP) growth rates a central role. This study delves into the psychological implications of different GDP development framings among academic experts. In an online experiment involving academic researchers, the present study uncovers significant variations in desired GDP developments depending on the framing of GDP growth. Prompting experts to state optimal GDP growth rates results in substantially larger GDP sizes compared to the desired growth factors over a period of 100 years. This phenomenon holds true across non-economists as well as economists. The findings underscore the importance of the psychological framing of economic growth in shaping individuals' perceptions and preferences. In addition, the research reveals disparities in the preferences for economic development, both between different academic disciplines and between the assessment of low-income and high-income countries.
ISSN:0921-8009
DOI:10.1016/j.ecolecon.2024.108240