How do emotions respond to outcome values and influence choice?

Emotions powerfully, predictably, and pervasively influence decision making. The risk-as-feelings hypothesis states that two kinds of emotions are important in decision-making, anticipatory emotions and anticipated emotions. We empirically investigated whether and how anticipatory and anticipated emotions may change as a function of outcome values and whether anticipatory or anticipated emotions may explain the influence of outcome values on risky choice. To study the effects of value on emotions and choice, we offered people hypothetical large amounts ($100, $200, $300, $400) and incentivized moderate amounts ($10, $20, $30, $40) as prospects in gambles over two consecutive studies. Using a representative sample from the US to ensure the generalizability of the findings, each participant in our two studies made choices in gain and loss domains. Overall, anticipatory and anticipated emotions responded very similarly to changes in value for the sure gains in both studies. The findings also indicated that both anticipatory and anticipated emotions explained the effects of the value on choice for the sure gain and sure losses, while both mediated the effect of framing on choice towards the sure and the gamble option. Although anticipatory emotions mediated a larger portion of the effect, anticipated emotions also show some mediation.