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Emotions and Economic Theory
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TL;DR: The authors discusses three aspects of the relation between emotion and choice: given that emotions may be intrinsically valuable or instrumentally useful, can one choose to have them? (2) Can emotions supplement rationality in cases where it yields indeterminate prescriptions for choice? (3) When an emotion and self-interest suggest different courses of action, how do they interact to produce a final decision?
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Abstract: Economists and psychologists who study emotions have worked in near-total isolation from each other. The article discusses some areas in which economists might take account of emotions. After a survey of the main features of emotions as analyzed by psychologists and physiologists, the article discusses three aspects of the relation between emotion and choice. (1) Given that emotions may be intrinsically valuable or instrumentally useful, can one choose to have them? (2) Can emotions supplement rationality in cases where it yields indeterminate prescriptions for choice? (3) When an emotion and self-interest suggest different courses of action, how do they interact to produce a final decision?
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References
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TL;DR: In this paper, the authors developed an evolutionary theory of the capabilities and behavior of business firms operating in a market environment, including both general discussion and the manipulation of specific simulation models consistent with that theory.
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A Theory of Cognitive Dissonance
Leon Festinger
- 01 Jan 1957
TL;DR: Cognitive dissonance theory links actions and attitudes as discussed by the authors, which holds that dissonance is experienced whenever one cognition that a person holds follows from the opposite of at least one other cognition that the person holds.
22.7K
The Nature of Prejudice
Rudolph E. Morris,Gordon W. Allport +1 more
- 01 Jun 1954
TL;DR: In this paper, the authors describe the dynamics of prejudgment, including: Frustration, Aggression and Hatred, Anxiety, Sex, and Guilt, Demagogy, and Tolerant Personality.
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Self-discrepancy: a theory relating self and affect.
TL;DR: In this paper, the authors present a theory of how different types of discrepancies between self-state representations are related to different kinds of emotional vulnerabilities, and they predict that differences in both the relative magnitude and the accessibility of individuals' available types of self-discrepancies are predicted to be related to differences in the kinds of discomfort people are likely to experience.
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Toward a positive theory of consumer choice
TL;DR: The economic theory of the consumer is a combination of positive and normative theories as discussed by the authors, which describes how consumers should choose, but it is also described how they do choose, and in certain well-defined situations many consumers act in a manner that is inconsistent with economic theory.
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