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Risk as feelings.

G F Loewenstein1, E U Weber, C K Hsee

  • 1Department of Social and Decision Sciences, Carnegie Mellon University, Pittsburgh, Pennsylvania 15213-3890, USA. gl20@andrew.cmu.edu

Psychological Bulletin
|April 24, 2001
PubMed
Summary

Current choice theories focus on cognition, but the risk-as-feelings hypothesis shows that immediate emotional reactions significantly influence decisions under risk. Affective responses can override cognitive assessments, driving behavior in uncertain situations.

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Area of Science:

  • Psychology
  • Behavioral Economics
  • Decision Science

Background:

  • Most decision-making theories are cognitive and consequentialist, assuming rational calculation of risks and outcomes.
  • These models often fail to explain behaviors observed in real-world scenarios involving risk and uncertainty.

Purpose of the Study:

  • To propose and elaborate on the risk-as-feelings hypothesis as an alternative to cognitive-consequentialist theories of choice.
  • To demonstrate how affective responses, rather than purely cognitive assessments, can drive decision-making under risk.

Main Methods:

  • Synthesizing research from clinical psychology, physiology, and other psychological subfields.
  • Analyzing instances where emotional reactions to risks differ from cognitive evaluations.

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Main Results:

  • Emotional reactions to risky situations frequently diverge from cognitive risk assessments.
  • When cognitive and affective responses conflict, affect often dictates behavior.
  • The risk-as-feelings hypothesis successfully explains phenomena not accounted for by traditional cognitive models.

Conclusions:

  • Affective considerations play a crucial role in decision-making under risk and uncertainty.
  • The risk-as-feelings hypothesis offers a more comprehensive framework for understanding choice behavior.
  • Future research should integrate emotional factors into models of decision-making.