Immediate Versus Anticipated Emotions in Social and Economic

Choice

David DunningUniversity of Michigan

With thanks to:

Thomas SchlösserDetlef Fetchenhauer

Choice

RiskyStock A

Rises Drops

Happiness

Disappointment

Choice

RiskyStock A

Rises Drops

SomeHappines

s

Regret

SafeStock B

Rises

Choice

RiskyStock A

Rises Drops

SomeHappines

s

Regret

SafeStock B

Rises

Anticipated Emotions

Choice

RiskyStock A

Rises Drops

SomeHappines

s

Regret

SafeStock B

Rises

Immediate Emotions

• Do Immediate Emotions Matter?

• How Does Their Impact Compare?

A Flip of a Coin(Schlösser et al., JBDM, 2013)

Choice

Flip Coin

Win Lose

Play Safe

Win Lose

Self-Assessment Manikin (SAM)

Immediate Emotion Clusters (Keep)(Schlösser et al., JBDM, 2013)

66% v. 24%

Immediate Emotion Clusters (Risk)(Schlösser et al., JBDM, 2013)

17% v. 57%

Flipping a Coin: Variance Explained

Explained Uniquely Explained0

0.05

0.1

0.15

0.2

0.25 0.23

0.170.17

0.11

Immediate

Variance

% V

ari

an

ce

A Laboratory Game

Player 1

Player 2

A Laboratory Game

Player 1

Player 2

Does Not Trust

Player 1 Receives $5

Player 2 Receives $0

A Laboratory Game

Player 1

Player 2

Does Not Trust

Trusts

Player 1 Receives $5

Player 2 Receives $0

Player 1 Receives $10

Player 2 Receives $10

Reciprocates

Player 1 Receives $0Player 2 Receives $20

Violates

Social v. Nonsocial Risks(Schlösser et al., under review, 2015)

• Trust Game

• Coin Flip

• Extended Coin Flip

– add payoffs to another person as well as the

self

The Betrayal Story

1

1.5

2

2.5

3

3.5TrustCoin FlipExtended Flip

An

ger/

Betr

ayal

p < .005

p < .002

p < .03

The Agitation Story

Keep Risk1

1.5

2

2.5

3

3.5 TrustCoin FlipExtended Flip

Ag

itate

d p < .0001

p < .04

When Do People Risk?

Series10

10

20

30

40

50

60

70

65

32 31

TrustCoin FlipExtended Flip

Pct.

Tru

st

p < .008

Taking a Risk: Variance Explained

Explained Unique Explained0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.450.39

0.18

0.29

0.08

Immediate

Variance

% V

ari

an

ce

Conclusions and Thoughts

• Emotions at immediate level matter• People may regulate based on

actions more than on potential outcomes

• Older adults regulate more in terms of emotional satisfaction: Does that mean in terms of outcomes or actions?

• The case of trust