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Current Emotion Research in Economics

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  • Wälde, Klaus

    () (University of Mainz)

  • Moors, Agnes

    () (KU Leuven)

Abstract

Positive and negative feelings were central to the development of economics, especially in utility theory in classical economics. While neoclassical utility theory ignored feelings, behavioral economics more recently reintroduced feelings in utility theory. Beyond feelings, economic theorists use full-fledged specific emotions to explain behavior that otherwise could not be understood or they study emotions out of interest for the emotion itself. While some analyses display a strong overlap between psychological thinking and economic modelling, in most cases there is still a large gap between economic and psychological approaches to emotion research. Ways how to reduce this gap are discussed.

Suggested Citation

  • Wälde, Klaus & Moors, Agnes, 2016. "Current Emotion Research in Economics," IZA Discussion Papers 10261, Institute of Labor Economics (IZA).
  • Handle: RePEc:iza:izadps:dp10261
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    Cited by:

    1. Klaus Wälde, 2016. "Emotion Research in Economics," Working Papers 1611, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz.
    2. Klaus Wälde & Agnes Moors, 2016. "Current Emotion Research in Economics," Working Papers 1612, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz.

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    More about this item

    Keywords

    emotions; decision making; theory;

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B0 - Schools of Economic Thought and Methodology - - General
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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