Money, kisses, and electric shocks: on the affective psychology of risk.

@article{Rottenstreich2001MoneyKA,
  title={Money, kisses, and electric shocks: on the affective psychology of risk.},
  author={Yuval Rottenstreich and Christopher K. Hsee},
  journal={Psychological science},
  year={2001},
  volume={12 3},
  pages={185-90}
}
Prospect theory's S-shaped weighting function is often said to reflect the psychophysics of chance. We propose an affective rather than psychophysical deconstruction of the weighting function resting on two assumptions. First, preferences depend on the affective reactions associated with potential outcomes of a risky choice. Second, even with monetary values controlled, some outcomes are relatively affect-rich and others relatively affect-poor. Although the psychophysical and affective… CONTINUE READING
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