This post is based on the paper: “The Affect Gap in Risky Choice: Affect-Rich Outcomes Attenuate Attention to Probability Information,” authored by Thorsten Pachur, Ralph Hertwig, and Roland Wolkewitz that appeared in Decision, 2013, Volume 1, No. 1, p 64-78. This is a continuation of the affect/ emotion theme. It is more of a valence based idea than Lerner’s Appraisal Tendency Framework. This is more thinking about emotion than actually experiencing it although the two can come together.
Often risky decisions involve outcomes that can create considerable emotional reactions. Should we travel by plane and tolerate a minimal risk of a fatal terrorist attack or take the car and run the risk of traffic jams and car accidents? How do people make such decisions? Decisions under risk typically obey the principle of the maximization of expectation.
The expectation expresses the average of an option’s outcomes, each weighted by its
probability. This, of course, underlies expected utility theory and cumulative prospect theory and these models do a good job in accounting for choices among relatively affect-poor
This post is based on a paper by Rebecca Ferrer, William Klein, Jennifer Lerner, Valerie Reyna, and Dacher Keltner: “Emotions and Health Decison-Making, Extending the Appraisal Tendency Framework to Improve Health and Healthcare,” in Behavioral Economics and Public Health, 2014. I note that Valerie Reyna is one of the authors of fuzzy trace theory (see post Fuzzy Trace Theory-Meaning, Memory, Development and subsequent posts.) which I find interesting.
The authors use the appraisal tendency framework (ATF) to predict how emotions may interact with situational factors to improve or degrade health-related decisions. The paper examines four categories of judgments and thought processes as related to health decisions: risk perception, valuation and reward-seeking, interpersonal attribution, and depth of information processing. They illustrate ways in which a better understanding of emotion can improve judgments and choices regarding health.
The ATF assumes that specific emotions give rise to corresponding cognitive and motivational processes that are related to the target of the emotion (i.e., the situation, person, or other stimulus that elicited the emotion). In contrast to theories that predict how broad mood states (positive or negative) may influence judgment and decision making, the ATF offers specific predictions for how discrete emotions will influence judgment and decision making (See Tables 1 and 2).
This is the second post based on a paper: “Emotion and Decision Making,” that is to appear in the 2014 Annual Review of Psychology. It was written by Jennifer S. Lerner, Ye Li, Piercarlo Valdesolo, and Karim Kassam.
David Hume: “Reason is, and ought only to be, the slave of the passions, and can never pretend to any other office than to serve and obey them.”
Still, most of us have made some bad decisions under the influence of emotion. There are unwanted effects of emotion on decision making, but as Lerner et al note, they can only sometimes be reduced.
The strategies to reduce unwanted effects broadly take one of two forms: (a) minimizing the magnitude of the emotional response (e.g., through time delay, reappraisal, or inducing a counteracting emotional state), or (b) insulating the judgment or decision process from the emotion (e.g., by crowding out emotion, increasing awareness of misattribution, or modifying the choice architecture).
This post is based on a paper: “Emotion and Decision Making,” that is to appear in the 2014 Annual Review of Psychology. It was written by Jennifer S. Lerner, Ye Li, Piercarlo Valdesolo, and Karim Kassam. It is a review article. This post will set out seven themes that Lerner et al set out from the literature. I will be examining the remainder of the review article in a post to follow. Previous posts have dealt with stress, regret, feeling is for doing, etc. but this post looks at the topic in a general way. I have made the mistake of thinking of emotion as just feeding intuition, but this paper reemphasizes that this is a big mistake.