The Changing World Order

Peter Phillips and Gabriela Pohl

World Economics, 2026, vol. 27, issue 3, 121-150

Abstract: The article outlines testable predictions from prospect theory on how decision-makers are likely to behave during major global shifts, based on observations of current events. It examines how prospect theory explains risk-taking and perceptions among those directly involved in these changes, especially when facing losses or uncertainty. Five contemporary situations are analysed: potential tactical nuclear use by cornered leaders, the decline of the rules-based order, the US dollar system versus BRICS, escalation in warzones like Ukraine, and the development of new military technologies.

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:wej:wldecn:984

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