Abstract
The paper uses economic methodology to examine how the Iran-Contra affair has modified the behavior of the political hostage-takers in the Mid-East. Before the arms for hostages policies, hostage-takers had to satisfy ideological beliefs under a large degree of uncertainty. The reactions of the U.S. government to abducting American citizens could not have been accurately anticipated. Therefore, taking hostages was perceived as a highly risky proposition with an uncertain outcome.
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