This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as (...) helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making. (shrink)

This article explores contemporary biopolitics in the light of Michel Foucault's oft quoted suggestion that contemporary politics calls `life itself' into question. It suggests that recent developments in the life sciences, biomedicine and biotechnology can usefully be analysed along three dimensions. The first concerns logics of control - for contemporary biopolitics is risk politics. The second concerns the regime of truth in the life sciences - for contemporary biopolitics is molecular politics. The third concerns technologies of the self - for (...) contemporary biopolitics is ethopolitics. The article suggests that, in these events, human beings have become `somatic individuals': personhood is increasingly being defined in terms of corporeality, and new and direct relations are established between our biology and our conduct. At the same time, this somatic and corporeal individuality has become opened up to choice, prudence and responsibility, to experimentation, to contestation and so to a politics of `life itself'. (shrink)

In lieu of increased international attention on high rates of obesity in the Pacific Islands, this paper examines the discourse strategies employed in three international health and fitness documents that enable the international community to problematize and to govern the lifestyles of Pacific Islanders. I draw specifically upon Fairclough's [. Language and power. Essex: Pearson Education Limited] tools of discourse analysis to help unearth a particular kind of ‘healthy living’ ideology that lies at the center of international public-health policy, targeting (...) obesity. I also draw on Greene's [. Malthusian worlds: US leadership and the governing of the population crisis. Boulder, CO: Westview Press] interpretation of the governing apparatus to help illuminate the work performed by discourse to construct obesity as a public problem, to convince others that it is a problem, and to stabilize its status as a problem. The implications of this analysis lead us to consider the relationship between discourse and body practice in the context of a growing global health and fitness industry. (shrink)

This paper discusses the role of reality television in the ongoing transformation of Swedish working-class discourse. This transformation is linked to a neoliberal political project and concerns a shifting relationship between discourses of exclusion and inclusion. The key argument is that working-class people are now portrayed through ‘a moral underclass discourse’ in which the working class is devalued and delegitimized, and given moral blame for their own structural situation. This discussion is based on a multimodal critical discourse analysis of participants (...) who appear to be ‘ordinary’ working-class people in Ullared, a docu-soap that follows the goings-on at, and in the vicinity of a popular, rural low-cost outlet. Hence it puts participants' consumption and consumer behaviour in the foreground, and these activities are ridiculed through a mode of production best described as the ‘middle-class gaze’. Ordinary participants are presented as flawed or pathological consumers and become signifiers of a morally flawed lifestyle. (shrink)

In contrast to logical criteria of rationality, which can be assessed entirely by reference to the system of preferences, substantive criteria of rational choice refer to an independent evaluation of the outcomes of decisions. One of these substantive criteria is the experienced hedonic utility of outcomes. Research indicates that people are myopic in their decisions, may lack skill in predicting their future tastes, and can be led to erroneous choices by fallible memory and incorrect evaluation of past experiences. Theoretical and (...) practical implications of these challenges to the assumption of economic rationality are discussed. (shrink)

This article addresses the lack of work on media and crime in Critical Discourse Analysis, using an example of a factual television crime report. The existing research in media studies and criminology points to the way that the media misrepresents crime by distorting public understandings and backgrounding structural issues, such as poverty, which are related to crime thereby legitimising a criminal justice system that serves the interests of the powerful in society. Using social actor and transitivity analysis, this article shows (...) how multimodal CDA can make an important contribution as it reveals the more subtle linguistic strategies and visual representations by which this process is accomplished, showing how each plays a part in the recontextualisation of social practice. This programme backgrounds which crimes are committed but foregrounds mental states and the neutrality of policing. (shrink)