I explain the logic and real-time track record of the expected utility
model used for forecasting the outcome and dynamics of political choi
ces. The model represents an example of applied modeling. It is a tool
designed for practical application. As such, some sacrifices in theor
etical or analytic purity are made to gain empirical leverage. At the
same time, the model remains faithful to the rational choice perspecti
ve that suggests that decision makers do what they believe is in their
best interest. Decision makers are modeled as individuals with bounde
d rationality, who are not able to look ahead over an unbounded time h
orizon, but instead see only one move ahead of their current choice. F
urthermore, while they update information, they do so crudely. I also
attempt to explain limitations of the model and areas for further impr
ovement.