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Updated: Jun 2, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
I'm feeling lucky: the relationship between affect and risk-seeking in the framing effect
Elaine Cheung1, Joseph A Mikels
1Department of Psychology, Northwestern University, Swift Hall, 2029 Sheridan Road, Evanston, IL 60208-2710, USA. elainecheung2015@u.northwestern.edu
Abstract:
Engagement in risky behavior has traditionally been attributed to an underestimation of the associated risks, but recent perspectives suggest that affective reactions toward a risky option may better explain risk-seeking than risk perception. However, the precise relationship between emotion and risk-seeking remains unclear. The current set of studies elucidates the relationship between emotion and risk-seeking in risky choice framing, using a gambling task. In Study 1, reliance on emotion was related to risk-seeking, but goals to regulate emotion mitigated these effects. In Study 2, positive affect was associated with risk-seeking in loss frames, but unrelated to risk aversion in gain frames. Collectively, these findings indicate a general role for emotion reliance on risk-seeking and a specific role of positive affect on risk-seeking in the loss trials of the framing effect.
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