Cited by 654Decision-Making and Behavioral EconomicsEconomic and Environmental ValuationExperimental Behavioral Economics Studies

Music, Pandas, and Muggers: On the Affective Psychology of Value.

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Hsee, Christopher K., Rottenstreich, Yuval·2004·Journal of Experimental Psychology: General

Abstract

This research investigated the relationship between the magnitude or scope of a stimulus and its subjective value by contrasting 2 psychological processes that may be used to construct preferences: valuation by feeling and valuation by calculation. The results show that when people rely on feeling, they are sensitive to the presence or absence of a stimulus (i.e., the difference between 0 and some scope) but are largely insensitive to further variations of scope. In contrast, when people rely on calculation, they reveal relatively more constant sensitivity to scope. Thus, value is nearly a step function of scope when feeling predominates and is closer to a linear function when calculation predominates. These findings may allow for a novel interpretation of why most real-world value functions are concave and how the processes responsible for nonlinearity of value may also contribute to nonlinear probability weighting.

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Crossref · 10.1037/0096-3445.133.1.23

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Authors
Hsee, C. K., & Rottenstreich, Y.
Affiliations
University of Chicago (US)
Venue
Journal of Experimental Psychology: General
Published
2004
Volume
133
Issue
1
Pages
23-30
ISSN
  • 0096-3445 (ISSN-L)
  • 1939-2222
OpenAlex
W2111488870
Cited by
654
References
46
Citations by year
2026: 17 · 2025: 28 · 2024: 16 · 2023: 24 · 2022: 38 · 2021: 31 · 2020: 33 · 2019: 53 · 2018: 38 · 2017: 35 · 2016: 24 · 2015: 44 · 2014: 43 · 2013: 36 · 2012: 40
FWCI
10.89
Type
journal article
Language
en
Open access
Locations
  • Journal of Experimental Psychology General (publishedVersion)
  • PubMed (publishedVersion)
  • SSRN Electronic Journal (submittedVersion)
Topics
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic and Environmental Valuation
  • Social Sciences › Safety Research › Experimental Behavioral Economics Studies
Keywords
subjective value, affective valuation, scope effects, preference formation, stimulus intensity
MeSH terms
Affect, Attitude, Choice Behavior, Humans, Surveys and Questionnaires, Social Behavior, Social Values, Cross-Over Studies

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