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  • P-ISSN 1738-656X
  • E-ISSN 2586-4130
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한국개발연구. Vol. 35, No. 1, February 2013, pp. 1-32

https://doi.org/10.23895/kdijep.2013.35.1.1

× KDI Open Access is a program of fully open access journals to facilitate the widest possible dissemination of high-quality research. All research articles published in KDI JEP are immediately, permanently and freely available online for everyone to read, download and share in terms of the Creative Commons Attribution 4.0 International License.

An Analysis of Effectiveness of Economic Sanctions and Inducements and Implications for Policies towards North Korea Based on Theoretical Applications from Prospect Theory

Dong ho Jo; Ji-Youn Park

Author & Article History

Manuscript received 18 September 2012; revision received 20 September 2012; accepted 30 October 2012.

Abstract

Economic sanctions and inducements are types of ‘policy instruments’ based on ‘economic tools’ to influence other international actors. Ongoing debates on sanctions and inducements have exposed drawbacks for relying on individual case studies. There are some studies in the literature that attempt theoretical analysis of sanctions and inducements, but they are mostly based on rational choice theory. In reality, however, there exist so many cases that cannot be explained by rational choice theory. These are called anomalies or exceptions. The literature introduces specific variables to interpret these anomalies and thus sacrifice the universality of the theory.

Keywords

전망이론(Prospect Theory), 경제제재(Economic Sanctions), 경제지원(Economic Inducements)

JEL Code

D81, F51

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