In the article, the authors discuss the academic potential that the prospect theory, of D.Kahneman and A.Tversky, has for the study of political (including foreign-policy) decision making. Investigation of its main concept — “framing” — brings them to the conclusion that the existing restrictions in the application of the theory for the analysis of foreign policy decision making are connected with the lack of research of mechanisms of representation of the issue under study, in the consciousness of an actor. On the way to getting over those restrictions, the authors consider the possibility of using the concept of the self-image of state in international relations. For empirical verification of this proposition, they cite as an example, their study of the influence of state image of Russia on Russian political establishment’s foreign policy decision making during Iraqi crisis in 2002 to 2003.