Prospect theory

Implications for international mediation

Bibliographic Data

ID12439561
AuthorsTom Milburn (State Library of Ohio, corresponding author), Paul D Isaac, Paul Isaac
Year1995
Volume1
Issue4
Pages333-342
Publication date1995-12-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenuePeace and Conflict Journal of Peace Psychology (JOURNAL)
Journal identifiersISSN: 1078-1919 • E-ISSN: 1532-7949
PublisherAmerican Psychological Association (PUBLISHER • US)
DOI10.1207/s15327949pac0104_3
OpenAlexW2083973088
LanguageEN
Citations received2
References cited16

It is to be expected that conflicts and disputes may be resolved more readily when disputing parties act rationally, but has some different meanings. Expected utility theory is the orthodox model, a model of rational actors. But there are other, more descriptive, models proposed by Simon as well as Kahneman and Tversky. Particularly, Kahneman and Tversky's prospect theory model has recently increased in prominence. This model and some others are reviewed briefly. Decision theories can be examined for relevance to international mediation. We discuss the relevance of prospect theory to mediation of international disputes with examples. Prospect theory may be more relevant to rationality in international relations

Mediation · Political science · Conflict Management and Negotiation · Decision-Making and Behavioral Economics · Game Theory and Voting Systems · Law · Psychology

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