The literature on defense-welfare tradeoffs has not been characterized by an emphasis on theory development. Indeed, most work has concentrated on using increasingly sophisticated statistical techniques to isolate empirical relationships in spending data on various countries. Unfortunately,...

Despite the proliferation of studies on the impact of military spending on economic growth, it is still not known whether defense spending hinders or promotes growth. Most analysts attribute the lack of consistent/robust findings to three problems: the lack of a sound theory of defense-growth...

Evidence from Israel suggests that economic growth may benefit from increased investment rates and cuts in defense spending - in other words, an economic `peace dividend'. Recent scholarly work, however, focusing on short-term, direct impacts, has provided little evidence for the existence of...

Evidence from Israel suggests that economic growth may benefit from increased investment rates and cuts in defense spending - in other words, an economic `peace dividend'. Recent scholarly work, however, focusing on short-term, direct impacts, has provided little evidence for the existence of...

Nearly every empirical study of outcome oriented retrospective voting assumes, though almost always implicitly, that a) every voter knows the composition of the incumbent government, or b) that voters who may not know who is in government do not cast retrospective votes. In this short essay we...

Prospect theory is a descriptive model of individual decision-making under risk (Kahneman and Tversky 1979). The central tenet of prospect theory posits that the risk orientation of decision-makers is affected by the gains vs. losses domains in which they are situated. Individuals are predicted...