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Article

Power transition theory and Graham Allison’s Thucydides Trap Project are discussed in tandem with two complementary aims: to highlight theoretical and empirical contributions of the power transition research program, and to provide critical perspective on the Thucydides Trap Project. Conventional-wisdom approaches of this sort are distinguished from power transition theory, the empirical international relations theory proposed by A. F. K. Organski and further articulated and tested by generations of scholars. The theory’s central elements—national power, stages of power transition, shifts in the distribution of power, international order and the status quo—are identified and discussed, with a focus on key variables used to explain war and peace among contending states. A comparative, critical examination of the Thucydides Trap Project is used as a lens for spotlighting key empirical contributions of the power transition theory research tradition and the value of adhering to norms of scientific rigor. Opportunities for further growth and development are noted, with special attention afforded to essential features of the power transition theory research program, including the study of (1) the timing and initiation of war; (2) rising powers’ dissatisfaction with the status quo, and a possible distinction between dissatisfaction and revisionism; and (3) reducing the risk of violent, revisionist challenges.

Article

Francesco Passarelli and Alessandro Del Ponte

Prospect theory introduces several anomalies in the behavior of rational agents, including loss aversion, the reflection effect, probability weighting, and the certainty effect. Loss aversion occurs relative to the current state of the world, called reference point. Being loss averse causes people to prefer the current state of affairs above and beyond the expected utility that comes from a risky political change, engendering a status quo bias. Yet, bias is asymmetric due to the reflection effect: people are too tepid toward advantageous platforms or candidates, whereas they are not critical enough of detrimental policies or bad politicians. Both rich and poor citizens take similar stances on nonpartisan issues (such as national defense): this happens because they evaluate uncertain policy changes relative to a reference point. Citizens welcome radical political platforms with greater enthusiasm than incremental proposals. Generally, under prospect theory societal conflict is smoother than under expected utility theory. Older societies are more prone to preserving the status quo than younger ones. These properties also affect the choice of voting rules. Loss aversion induces people to prefer more prudent voting rules and preserve the status quo. Hence, agents favor higher majority thresholds or even unanimity over simple majority in constitutional choice. The status quo bias supports the persistence of policy cycles, with prolonged drifts in one direction before a trend reversal. In sum, loss aversion and other anomalies pinpointed by prospect theory offer insightful predictions with which to study political phenomena.