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Decision Making, Affect, and LearningAttention and Performance XXIII$
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Decision Making, Affect, and Learning: Attention and Performance XXIII

Mauricio R. Delgado, Elizabeth A. Phelps, and Trevor W. Robbins

Print publication date: 2011

Print ISBN-13: 9780199600434

Published to Oxford Scholarship Online: May 2011

DOI: 10.1093/acprof:oso/9780199600434.001.0001

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Psychological influences on economic choice: Pavlovian cuing and emotional regulation

Psychological influences on economic choice: Pavlovian cuing and emotional regulation

Chapter:
(p.39) Chapter 2 Psychological influences on economic choice: Pavlovian cuing and emotional regulation
Source:
Decision Making, Affect, and Learning
Author(s):

Colin F. Camerer

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199600434.003.0002

The economic theory of choice has proved to be useful in explaining aggregate choices and guiding policy using just three moving parts: stable preferences, information, and constraints. Cognitive science and neuroscience can supplement this model by showing how attention, emotion, cognitive difficulty, and other variables, also influence choices. This chapter describes two ‘case studies’ of these effects. The first part showed that the way familiar choices are described or presented can dramatically influence bidding prices. The second part shows that emotional regulation of the fear of loss could lower the behavioural tendency toward overweighting losses compared to gains (loss-aversion), and is also manifested in autonomic responses to feedback about actual losses when chosen gambles are immediately played for money.

Keywords:   economic choice theory, decision making, stable preferences, information, constraints, emotional regulation

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