Rothman: In Their Panic, Democrats Become Reckless Gamblers | Mediaite: "Prospect theory, a predictive model of economic behavior, stipulates that when a person begins to come to terms with increasingly likely losses, they become risk-takers. Losses sting, the theory asserts, more than gains reward. Thus, risk-seeking behavior increases as the acute pain of an imminent loss comes clearly into focus.
Wall Street Journal columnist James Taranto astutely cited prospect theory on Thursday in the wake of the unprecedented maneuver by Senate Democrats to change the rules of the Senate by a simple majority vote along party lines."
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