Journal ArticleDOI
Risk as feelings.
Reads0
Chats0
TLDR
This article proposed the risk-as-feelings hypothesis, which highlights the role of affect experienced at the moment of decision making, and showed that emotional reactions to risky situations often diverge from cognitive assessments of those risks.Abstract:
Virtually all current theories of choice under risk or uncertainty are cognitive and consequentialist. They assume that people assess the desirability and likelihood of possible outcomes of choice alternatives and integrate this information through some type of expectation-based calculus to arrive at a decision. The authors propose an alternative theoretical perspective, the risk-as-feelings hypothesis, that highlights the role of affect experienced at the moment of decision making. Drawing on research from clinical, physiological, and other subfields of psychology, they show that emotional reactions to risky situations often diverge from cognitive assessments of those risks. When such divergence occurs, emotional reactions often drive behavior. The risk-as-feelings hypothesis is shown to explain a wide range of phenomena that have resisted interpretation in cognitive-consequentialist terms.read more
Citations
More filters
Journal ArticleDOI
How do Investors Judge the Risk of Financial Items
TL;DR: In this article, a new risk model that combines conventional decision theory variables -probability and outcomes -with variables from psychology research by Slovic (1987) was proposed and tested to explain how investors perceive financial risks.
Journal ArticleDOI
‘How Do I Choose Thee? Let me Count the Ways’: A Textual Analysis of Similarities and Differences in Modes of Decision-making in China and the United States
TL;DR: The authors investigated the effect of decision-makers' culture on their implicit choice of how to make decisions and found that Chinese decision makers more frequently used role-based logic (a form of recognition-based decision-making) to arrive at decisions, by virtue of their greater awareness of and need for relational obligations.
Journal ArticleDOI
Risk perception in fire evacuation behavior revisited: definitions, related concepts, and empirical evidence.
TL;DR: RP is seen as the personalization of the risk related to a current event, such as an ongoing fire emergency; it is influenced by emotions and prone to cognitive biases.
Journal ArticleDOI
Risk attitude and preference.
TL;DR: The processes that underlie risky decisions and the drivers of risk taking are understood, which are critical for the success of public policy interventions.
Book ChapterDOI
On the Assessment of Decision Quality: Considerations Regarding Utility, Conflict and Accountability
TL;DR: In this article, the authors focus on the second-order decision making problem, which is defined as the need for making a good decision as the importance of the context increases and it is often not obvious what constitutes a good choice.
References
More filters
Book ChapterDOI
Prospect theory: an analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
TL;DR: In this paper, the authors present a critique of expected utility theory as a descriptive model of decision making under risk, and develop an alternative model, called prospect theory, in which value is assigned to gains and losses rather than to final assets and in which probabilities are replaced by decision weights.
Journal ArticleDOI
Prospect theory: analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
Book
Understanding Attitudes and Predicting Social Behavior
Icek Ajzen,Martin Fishbein +1 more
TL;DR: In this paper, the author explains "theory and reasoned action" model and then applies the model to various cases in attitude courses, such as self-defense and self-care.
Book
Handbook of social psychology
TL;DR: In this paper, Neuberg and Heine discuss the notion of belonging, acceptance, belonging, and belonging in the social world, and discuss the relationship between friendship, membership, status, power, and subordination.
Book
Descartes' Error: Emotion, Reason, and the Human Brain
TL;DR: The authors argued that rational decisions are not the product of logic alone - they require the support of emotion and feeling, drawing on his experience with neurological patients affected with brain damage, Dr Damasio showed how absence of emotions and feelings can break down rationality.