Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/145017
Authors: 
Wälde, Klaus
Year of Publication: 
2016
Series/Report no.: 
CESifo Working Paper 5982
Abstract: 
Emotions were central to the development of economics, especially in utility theory in classical economics. While neoclassical utility theory basically abolished emotions, behavioural economics more recently reintroduced emotions in utility theory. Beyond utility theory, economic theorists use emotions to explain behaviour which 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.
Subjects: 
utility theory
ex-ante emotions
immediate emotions
ex-post emotions
belief-based emotions
regret
desire
stress
anxiety
guilt
JEL: 
A12
B00
D03
Document Type: 
Working Paper

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