Framing Effect

Reaching a different decision about identical facts depending on how they are described.

The framing effect shows up when the same outcome is presented as a gain rather than a loss — a fund described as keeping 90% of value attracts different money than one described as losing 10%. Fee disclosures, insurance pitches and default options all exploit it, usually without anyone intending deception. The defence is restating the choice in the opposite frame before deciding.

The framing effect was obvious once he rewrote the fee as an annual amount rather than a small percentage.