Vicissitudes of the Korean War and Insight from Prospect Theory: Dashed Victory, Military Fiasco, and Over-prolonged Stalemate
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The paper shows that in spite of the growing concerns of the entrapment of the U.S. troops in Korea and increasing likelihood of the exploitation of the situation by theSoviet Union to launch global war or aggression in Western Europe, key decisionmakerssuch as U.S. President Harry S. Truman and the Joint Chiefs of Staff feelingthe impact of losses in the Korean War responded to military setbacks during thewar exactly in the same way as the prospect theory suggests: They embraced riskby fighting on in the hope to recoup the losses and jettisoned contingency plansthat proposed the immediate withdrawal of forces from Korea to meet Sovietaggression elsewhere. Dean Acheson’s instant accommodation of the losses andpush for the withdrawal of the troops contradicts the theory, suggesting the needto further refine it by incorporating personality traits into its theoretical construct.
Abstract
The paper shows that in spite of the growing concerns of the entrapment of the U.S. troops in Korea and increasing likelihood of the exploitation of the situation by theSoviet Union to launch global war or aggression in Western Europe, key decisionmakerssuch as U.S. President Harry S. Truman and the Joint Chiefs of Staff feelingthe impact of losses in the Korean War responded to military setbacks during thewar exactly in the same way as the prospect theory suggests: They embraced riskby fighting on in the hope to recoup the losses and jettisoned contingency plansthat proposed the immediate withdrawal of forces from Korea to meet Sovietaggression elsewhere. Dean Acheson’s instant accommodation of the losses andpush for the withdrawal of the troops contradicts the theory, suggesting the needto further refine it by incorporating personality traits into its theoretical construct.
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