Hedonic intensity of disappointment and elation

This research is an investigation of the hedonic intensities of elation and disappointment following the outcomes of risky gambles using two principles: disappointment aversion and the principle of limited emotion processing. Disappointment aversion implies a stronger impact of disappointment compared with elation; the principle of limited emotion processing predicts a smaller impact of elation if it occurs with a real gain, and a smaller impact of disappointment if it occurs with a real loss. Both principles support each other in the gain domain but operate against each other in the loss domain. It was predicted that disappointment would outweigh elation in the gain domain. For the loss domain, this question was left open to empirical scrutiny. Participants were provided with hypothetical gambles and were required to imagine having won, not won, lost, or not lost, money. Results supported the prediction for the gain domain; mixed results emerged for the loss domain. The model adds to the understanding of the cognitive and emotional processes following the outcomes of risky events.