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Loss Aversion, Presidential Responsibility, and Midterm Congressional Elections
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The authors explored a behavioral model of political participation, based on the primitives of prospect theory, as defined by Kahneman and Tversky [1979], which offers an alternative explanation for why the President's party tends to lose seats in midterm congressional elections.Abstract:
I explore a behavioral model of political participation, first introduced by Quattrone and Tversky [1988], based on the primitives of prospect theory, as defined by Kahneman and Tversky [1979]. The model offers an alternative explanation for why the President’s party tends to lose seats in midterm congressional elections. The model is examined empirically and compared against competing explanations for the “midterm phenomenon”.read more
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References
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Book ChapterDOI
Prospect theory: an analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
TL;DR: In this paper, the authors present a critique of expected utility theory as a descriptive model of decision making under risk, and develop an alternative model, called prospect theory, in which value is assigned to gains and losses rather than to final assets and in which probabilities are replaced by decision weights.
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Prospect theory: analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
Journal ArticleDOI
Availability: A heuristic for judging frequency and probability
Amos Tversky,Daniel Kahneman +1 more
TL;DR: A judgmental heuristic in which a person evaluates the frequency of classes or the probability of events by availability, i.e., by the ease with which relevant instances come to mind, is explored.
Journal ArticleDOI
Toward a positive theory of consumer choice
TL;DR: The economic theory of the consumer is a combination of positive and normative theories as discussed by the authors, which describes how consumers should choose, but it is also described how they do choose, and in certain well-defined situations many consumers act in a manner that is inconsistent with economic theory.
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Status quo bias in decision making
TL;DR: A series of decision-making experiments showed that individuals disproportionately stick with the status quo as mentioned in this paper, that is, doing nothing or maintaining one's current or previous decision, and that this bias is substantial in important real decisions.