Prospect Theory
Economics writer Chris Dillow has argued that, amongst other factors, Prospect Theory may explain in the surprising willingness of many voters to take a path widely viewed as the more risky of two (change vs status quo). In his words Prospect Theory ‘Tells us that people who feel they’ve lost want to gamble to break even. This is why they back longshots on the last race of the day or why they hold onto badly performing stocks. … People who had lost out from globalization, or felt discomfited by immigration, voted Leave because they felt they had little to lose from doing so.’