Loss Aversion in Politics
---- Acknowledgments ----
We thank Roland Benabou, Stefano DellaVigna, Martin Dufwenberg, Nicola Gennaioli, Edoardo Grillo, David Laibson, Jessie Shapiro, Ken Shepsle, Andrei Shleifer and participants at a NBER Poltical Economics Conference, and seminars in Amsterdam, IMT Lucca, Rome, Turin, for very useful comments. Luca Riva provided comments and excellent editing. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.