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Keywords:

  • prospect theory;
  • framing;
  • loss;
  • emotion;
  • groups;
  • reference point

Prospect theory offers a number of advantages that justify its use in the analysis of political behavior, but it also has some aspects that limit its wider applicability in political contexts. This article reviews recent research highlighting these successes and limitations. Future research on the incorporation of prospect theory into models of political behavior should focus on such areas as group decision-making, reference point specification, and emotion.