David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
Jack Alan Reynolds
Learn more about PhilPapers
Synthese 135 (2):215 - 241 (2003)
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.
|Keywords||Philosophy Philosophy Epistemology Logic Metaphysics Philosophy of Language|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Stephen K. White & J. Donald Moon (eds.) (2003). What is Political Theory? Sage Publications.
Chris Starmer (1999). Cycling with Rules of Thumb: An Experimental Test for a New Form of Non-Transitive Behaviour. Theory and Decision 46 (2):139-157.
Marie Pfiffelmann (2011). Solving the St. Petersburg Paradox in Cumulative Prospect Theory: The Right Amount of Probability Weighting. Theory and Decision 71 (3):325-341.
Alex Mintz & Steven B. Redd (2003). Framing Effects in International Relations. Synthese 135 (2):193 - 213.
Martin E. Sandbu (2004). On Dworkin’s Brute-Luck–Option-Luck Distinction and the Consistency of Brute-Luck Egalitarianism. Politics, Philosophy and Economics 3 (3):283-312.
Phillip Pettit (2004). Hope and its Place in Mind. Annals of the American Academy of Political and Social Science (1):152--165.
Edgar Kiser (1999). Comparing Varieties of Agency Theory in Economics, Political Science, and Sociology: An Illustration From State Policy Implementation. Sociological Theory 17 (2):146-170.
Gerd Weinrich (1999). Nondegenerate Intervals of No-Trade Prices for Risk Averse Traders. Theory and Decision 46 (1):79-99.
Neil Stewart, Nick Chater, Henry P. Stott & Stian Reimers (2003). Prospect Relativity: How Choice Options Influence Decision Under Risk. Journal of Experimental Psychology: General 132 (1):23.
Added to index2009-01-28
Total downloads16 ( #225,555 of 1,796,319 )
Recent downloads (6 months)7 ( #115,943 of 1,796,319 )
How can I increase my downloads?