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Situational Gamblers: Prospect Theory and the Commonalities of Presidential Campaign Management
Author(s) -
O'CONNELL DAVID
Publication year - 2011
Publication title -
presidential studies quarterly
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.337
H-Index - 5
eISSN - 1741-5705
pISSN - 0360-4918
DOI - 10.1111/j.1741-5705.2010.03831.x
Subject(s) - presidential system , presidential campaign , prospect theory , political science , situational ethics , politics , george (robot) , perspective (graphical) , sociology , positive economics , economics , law , history , finance , art history , artificial intelligence , computer science
In this article, prospect theory helps shed light on an underdeveloped topic in political science: the management strategies of presidential campaigns. In particular, prospect theory is used to understand critical decisions made by the campaigns of Edward Kennedy, Jimmy Carter, Ronald Reagan, and George H. W. Bush during three critical junctures of the 1980 presidential primary season. Prospect theory's central finding—that individuals are risk averse when facing gains and risk acceptant when facing losses—provides a systematic and empirically grounded explanation for seemingly puzzling decisions made by each campaign. In a broad sense, this essay begins the process of developing a general perspective on presidential campaign management.