Decision Affect Theory: Emotional Reactions to the Outcomes of Risky Options

Mellers, Barbara A.; Schwartz, Alan; Ho, Katty; Ritov, Ilana

doi:10.1111/j.1467-9280.1997.tb00455.x

Cited by 667 publications

(584 citation statements)

References 13 publications

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“…(Ritov & Baron, 1990). Anticipation of post-decision regret makes inaction preferable to action (Mellers, Schwartz, Ho, Ritov, 1997;Roese, 1997;Zeelenberg, van den Bos, van Dijk, & Pieters, 2002). This effect becomes stronger under ambiguity because the range of possible counterfactual outcomes increases.…”

Section: Pricing Uncertain Prospects: the Effect Of The Perspectivementioning

confidence: 99%

Pricing Risk and Ambiguity: The Effect of Perspective Taking

Trautmann

Schmidt

2012

Quarterly Journal of Experimental Psychology

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In the valuation of uncertain prospects, a difference is often observed between selling and buying perspectives. This paper distinguishes between risk (known probabilities) and ambiguity (unknown probabilities) in decisions under uncertainty and shows that the valuation disparity increases under ambiguity compared to risk. It is found that both the comparative versus noncomparative evaluation of risky and ambiguous prospects and the uniqueness of the valuation perspective (either seller or buyer) moderate this increase in the disparity under ambiguity. The finding is consistent with recent theoretical accounts of pricing under uncertainty. We discuss implications for market behaviour and for the ambiguity paradigm as a research tool.

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Section: Pricing Uncertain Prospects: the Effect Of The Perspectivementioning

confidence: 99%

Pricing Risk and Ambiguity: The Effect of Perspective Taking

Trautmann

Schmidt

2012

Quarterly Journal of Experimental Psychology

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“…[1][2][3][4][5][6] Recent research also suggests that there are age-related changes in the roles that emotion, affect, and cognition play in judgment and decision making. [7][8][9][10][11][12][13] This paper addresses the important question of how older adults should be informed about risk, based on what we know about decision processes across the lifespan.…”

Section: Introductionmentioning

confidence: 99%

Emotion, affect, and risk communication with older adults: challenges and opportunities

Finucane

2008

Journal of Risk Research

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Recent research suggests that emotion, affect, and cognition play important roles in risk perception and that their roles in judgment and decision-making processes may change over the lifespan. This paper discusses how emotion and affect might help or hinder risk communication with older adults. Currently, there are few guidelines for developing effective risk messages for the world's aging population, despite the array of complex risk decisions that come with increasing age and the importance of maintaining good decision making in later life. Age-related declines in cognitive abilities such as memory and processing speed, increased reliance on automatic processes, and adaptive motivational shifts toward focusing more on affective (especially positive) information mean that older and younger adults may respond differently to risk messages. Implications for specific risk information formats (probabilities, frequencies, visual displays, and narratives) are discussed and directions for future research are highlighted.

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“…Decision makers experience regret when the outcome of the rejected option would have been better, and rejoicing when the outcome of the rejected option would have been worse (e.g. Mellers et al, 1997;Zeelenberg et al, 1998d). These emotions have an impact on how we evaluate decision outcomes (e.g.…”

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The use of crying over spilled milk: A note on the rationality and functionality of regret

Zeelenberg

1999

Philosophical Psychology

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160

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The use of crying over spilled milk Zeelenberg, MarcelPublished in: Philosophical Psychology Publication date: 1999 Link to publicationCitation for published version (APA): . The use of crying over spilled milk: A note on the rationality and functionality of regret. Philosophical Psychology, 13, 326-340. General rightsCopyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights.-Users may download and print one copy of any publication from the public portal for the purpose of private study or research -You may not further distribute the material or use it for any profit-making activity or commercial gain -You may freely distribute the URL identifying the publication in the public portal Take down policy If you believe that this document breaches copyright, please contact us providing details, and we will remove access to the work immediately and investigate your claim.

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Decision Affect Theory: Emotional Reactions to the Outcomes of Risky Options

Cited by 667 publications

References 13 publications

Pricing Risk and Ambiguity: The Effect of Perspective Taking

Pricing Risk and Ambiguity: The Effect of Perspective Taking

Emotion, affect, and risk communication with older adults: challenges and opportunities

The use of crying over spilled milk: A note on the rationality and functionality of regret

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