Avoiding Losses/taking Risks: Prospect Theory and International Conflict
University of Michigan Press, 1994 - 165 sidor
This volume is a comprehensive examination of the benefits and potential pitfalls of employing prospect theory---a leading alternative to expected utility as a theory of decision under risk---to understand and explain political behavior. The collection brings together both theoretical and empirical studies, thus grounding the conclusions about prospect theory's potential for enriching political analyses in an assessment of its performance in explaining actual cases.
The theoretical chapters provide an overview of the main hypotheses of prospect theory: people frame risk-taking decisions around a reference point, they tend to accept greater risk to prevent losses than to make gains, and they often perceive the devastation of a loss as greater than the benefit of a gain. The three case studies---Roosevelt's decision-making during the Munich crisis of 1938, Carter's April 1980 decision to rescue the American hostages in Iran, and Soviet behavior toward Syria in 1966-67---generally support these hypotheses. Nevertheless, the authors are frank about potentially difficult conceptual and methodological problems, making explicit reference to alternative explanations, such as the rational actor model, which posits the maximization of expected value.
Contributors to the volume include Jack Levy, Robert Jervis, Barbara Farnham, Rose McDermott, Audrey McInerney, and Eldar Shafir.
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The result might have been to greatly improve either side ' s position , but it would
mean foregoing the sure and current advantage of controlling part of that country
. To call the results stability , however , is to miss the other half of the story ...
He would then judge the policies according to lives that might be saved , not lost ,
with the result that he would choose a course of action that he believed would
certainly save some lives rather than another that might save more , but might not
As a result , it offers a superb case for investigation from the perspective of
prospect theory because it takes place exclusively in the domain of losses .
Prospect theory can offer both explanation and analysis for an action that is
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Political Implications of Loss Aversion
Prospect Theory and Soviet Policy Towards
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