Summary and Keywords
Analysis of the use of prospect theory since the mid-1980s identifies significant impact on research on important puzzles in international security and international political economy. Research since the mid-1990s has identified the scope conditions of framing effects, loss aversion, and patterns of probability estimation on international behavior. New research using multiple methods has strengthened the validity of findings on the impact of framing effects and loss aversion under different conditions. Future research opportunities for psychological explanations of international behavior are identified.
Keywords: prospect theory, framing effects, loss aversion, probability estimation, endowment effect, deterrence, compellence, trade, investment treaties, aggregation, empirical international relations theory
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