"The project attempts to test the potential of prospect theory in explaining the strategic choices of countries located in the common neighbourhood between the European Union (EU) and Russia. Under what conditions ruling elites in Eastern Partnership (EaP) countries select EU or Eurasian Economic Union (EaEU) as integration projects? The theoretical expectation is that different values of gains and losses, judged against a given ""reference point"", are associated with one or another integration project and may be at work in the selection of strategic choices of EaP countries. Prospect theory, a Nobel Prize-winning theoretical construct, has roots in cognitive psychology, but it has uncovered its extraordinary potential to explain decisions under conditions of uncertainly and risk in behavioural economics. The attempts of importing the insights of prospect theory into political science are slowly growing, but there is yet a long way ahead until political science will fully integrate them into its ontological agenda. The proposed project is going to be a pioneering application of prospect theory to the strategic alternatives faced by countries located in the common neighbourhood between the EU and Russia."
Fields of science
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