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Applications of Prospect Theory to Political Science

Applications of Prospect Theory to Political Science Prospect theory is an alternative theory of choice under conditions of risk, and deviates from expected utility theory by positing that people evaluate choices with respect to gains and losses from a reference point. They tend to overweight losses with respect to comparable gains and engage in risk-averse behavior with respect to gains and risk-acceptant behavior with respect to losses. They also respond to probabilities in a non-linear manner. I begin with an overview of prospect theory and some of the evidence upon which it is based, and then consider some of the implications of the theory for American politics, international relations, and the law. I end with a brief discussion of some of the conceptual and methodological problems confronting the application of prospect theory to the study of politics. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Synthese Springer Journals

Applications of Prospect Theory to Political Science

Synthese , Volume 135 (2) – Oct 11, 2004

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References (117)

Publisher
Springer Journals
Copyright
Copyright © 2003 by Kluwer Academic Publishers
Subject
Philosophy; Philosophy of Science; Epistemology; Logic; Philosophy of Language; Metaphysics
ISSN
0039-7857
eISSN
1573-0964
DOI
10.1023/A:1023413007698
Publisher site
See Article on Publisher Site

Abstract

Prospect theory is an alternative theory of choice under conditions of risk, and deviates from expected utility theory by positing that people evaluate choices with respect to gains and losses from a reference point. They tend to overweight losses with respect to comparable gains and engage in risk-averse behavior with respect to gains and risk-acceptant behavior with respect to losses. They also respond to probabilities in a non-linear manner. I begin with an overview of prospect theory and some of the evidence upon which it is based, and then consider some of the implications of the theory for American politics, international relations, and the law. I end with a brief discussion of some of the conceptual and methodological problems confronting the application of prospect theory to the study of politics.

Journal

SyntheseSpringer Journals

Published: Oct 11, 2004

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