Context, Methods, Numbers, And Words

Abstract

In this article, recent attempts to apply prospect theory to the study of international relations are reviewed and evaluated. The review of this literature leads to a number of theoretical and methodological critiques that are highlighted by an experiment that demonstrates the difficulties inherent in attempting to transport this theory across disciplinary boundaries. Of special importance is the introduction of verbal probability expressions into the experimental design. The results of the experiment provide some support for prospect theory, but differences in the results obtained for different verbal probability sets indicate that decision theorists need to be more concerned with the manner in which probabilistic information is conveyed to (and discussed by) decision makers.