What a Feeling: The Role of Immediate and Anticipated Emotions in Risky Decisions
Version of Record online: 6 OCT 2011
Copyright © 2011 John Wiley & Sons, Ltd.
Journal of Behavioral Decision Making
Volume 26, Issue 1, pages 13–30, January 2013
How to Cite
Schlösser, T., Dunning, D. and Fetchenhauer, D. (2013), What a Feeling: The Role of Immediate and Anticipated Emotions in Risky Decisions. J. Behav. Decis. Making, 26: 13–30. doi: 10.1002/bdm.757
- Issue online: 13 DEC 2012
- Version of Record online: 6 OCT 2011
- National Science Foundation. Grant Number: 0745806
- decision making;
- economic choice
The risk-as-feelings hypothesis argues that many risky decisions are not only predicted by anticipated emotions, as most consequentialistic decision making theories would presume, but also by immediate emotions. Immediate emotions refer to the “hot” visceral feelings people feel as they contemplate a specific decision option at the cusp of making a decision, whereas anticipated emotions are those emotions that people forecast that they will feel once they experience possible consequences of that decision. Four studies focused on the role of both types of emotions in decisions under risk and uncertainty. Decisions were substantively predicted by immediate emotional states beyond anticipated emotions or the subjective probability attached to outcomes. Thus, risky choices may be prompted, in part, by how people feel about the “riskless” portion of the decision—specifically, the various decision options they are contemplating—rather than the potential outcomes those options may produce. Copyright © 2011 John Wiley & Sons, Ltd.