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.
Francesco Passarelli and Alessandro Del Ponte
Grace Adeniyi Ogunyankin
Postcolonial theory has been embraced and critiqued by various scholars since the 1980s. Central to the field of postcolonial studies is the examination of colonial episteme and discourse, European racism, and imperial dominance. Broadly, postcolonialism analyzes the effects, and enduring legacies, of colonialism and disavows Eurocentric master-narratives. Postcolonial ideas have been significant to several academic disciplines, largely those in the humanities and social sciences, such as cultural and literary studies, anthropology, political science, history, development studies, geography, urban studies, and gender and sexuality studies. The key scholars that are connected to postcolonial theory, Edward Said, Homi Bhabha, and Gayatri Spivak, have been critiqued for grounding their work in the Western theories of postmodernism and poststructuralism. Given the predominant association of these three scholars to postcolonial theory, Africanists have argued that postcolonial theory is dismissive of African theorizing. Moreover, some scholars have noted that Africanists have hesitated to use postcolonial theory because it is too discursive and has limited applicability to material reality. As such, the relevancy of postcolonial theory to Africa has been a repetitive question for decades. Despite this line of questioning, some scholars have posited that there are African thinkers and activists who are intellectual antecedents to the postcolonial thought that emerged in the 1980s and 1990s. Additionally, other Africanist scholars have engaged with the colonial discursive construction of African subjectivities and societies as inferior. These engagements have been particularly salient in women and gender studies, urban studies and studies of identity and global belonging.