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...

Despite the vast number of studies of the guns-butter trade-off, we still do not know whether guns come at the expense of butter. In this article we attempt to clarify some of the major conceptual, measurement and statistical problems associated with this line of research

In this paper, we summarize a series of experimental studies that show that democracies don't fight each other because their leaders have very few political incentives to do so. The use of force against other democracies is perceived by the public and by leaders of democratic states as a failure...