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Experimental economics has repeatedly demonstrated that the Nash equilibriummakes inaccurate predictions for a vast set of games. Instead, severalalternative theoretical concepts predict behavior that is much more in tunewith observed data, with the quantal response equilibrium as the most prominentexample. However, here we show that this equilibrium notion itself, like anyother concept that varies smoothly with the payoffs, is necessarily subject toframing effects: If the same economic problem is represented in a different butequivalent way, the predicted results will differ. As a consequence, we arguethat tools and methods that are successful in explaining human behavior inlaboratory experiments may be unsuitable for doing theory.

Equilibrium notions and framing effects