Probability Weighting and the Persistence of Disagreement among Constituents

Dacey Raymond
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Dacey Raymond: University of Idaho

Peace Economics, Peace Science, and Public Policy, 2001, vol. 8, issue 1, 18

Abstract: This paper is a technical note that reports an interesting risk-related result relevant to the analysis of disagreements among constituents. The problem of interest here is the clash that often arises within a political constituency regarding the decision to act or not act in response to a problematic situation. The analysis presented here shows that the probability weighting function of prospect theory plays a fundamental role in the persistence of disagreements among constituents that involve policy decisions with large potential losses of low likelihood.

Date: 2001
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DOI: 10.2202/1554-8597.1051

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