Risk Aversion: The Psychology of Biden and Warren's Candidacies

Calico Jack – Risk aversion and some of the candidates

The Psy of Life

This is the third in my series on the psychology that governs the candidacy of the five leading presidential candidates: the Ol’ Pussy Grabber, Joe Biden, Bernie Sanders, Elizabeth Warren, and Pete Buttigieg. We’ve already addressed the psychology of the Ol’ Pussy Grabber (psychological threat), Bernie Sanders (authoritarian personality), and handicapping the race overall.

Joe Biden and Elizabeth Warren’s campaigns seem to be opposite sides of the coin. Both are governed by prospect theory, the decision making theory of behavioral economics by Amos Tversky and Daniel Kahneman, heroes of Ye Olde Blogge.

Prospect Theory

Prospect theory is the idea that people use the probable effect of a decision on their immediate situation as the determining factor in the choices they make. In other words, the way people make decisions is based on whether the outcome will improve their situation or make it worse.

When…

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