`Evaluating the Outcomes of Risky Options`. Rational choice theory assumes that the utility derived from receiving an outcome as a result of a decision depends only upon the value of that outcome - winning $10 is the same whether the alternative possibility was winning $1000 or losing $1000. As such, emotions such as regret or rejoicing, disappointment or elation, which inherently involve comparisons of what is with what might have been, play no role in choice. In prior research, the PI has examined how such emotions influence individuals' feelings regarding the outcomes they receive. The present proposal seeks funds to continue this research. Specifically, three sets of experiments are outlined. The first test implications of the model of emotion developed by the PI based on earlier research. The second set of experiments examine the extent to which anticipated emotions may not only influence ex post evaluations of happiness or dissatisfaction with outcomes but also influence the decisions people make. The final set of experiments examine the influence of anticipated emotions in richer and more diverse contexts.
