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Affect, Reason, Risk and Rationality

Author

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  • Paul Slovic

    (University of Oregon, U.S.A.)

Abstract

Our understanding of the psychology of human judgment, preference and choice is continually evolving. Behavioral researchers are coming to recognize that there is an aspect of information-processing that has been rather neglected. This is the, experiential, affect-based side of our mental life, which appears every bit as important as the analytic/deliberative side that has been the focus of much prior research and the foundation for multi criteria decision analysis. This essay will briefly describe new research demonstrating the powerful influence of affect on decision-making. Reliance on affect is essential to rational behavior yet it sometimes misleads us. In such circumstances we need to ensure that reason also is employed.

Suggested Citation

  • Paul Slovic, 2018. "Affect, Reason, Risk and Rationality," Notas Económicas, Faculty of Economics, University of Coimbra, issue 46, pages 7-15, July.
    • Handle: RePEc:gmf:journl:y:2017:i:45:p:7:15
    DOI: 10.14195/2183-203X_46_1
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    Cited by:

    1. Muminović Adnan, 2023. "Not Just Empty Rhetoric: The Economic Cost of Warmongering in a Post-Conflict Environment," South East European Journal of Economics and Business, Sciendo, vol. 18(2), pages 112-125, December.

    More about this item

    Keywords

    Psychology of human judgment; affect; behavioral research; multi criteria decision analysis.;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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