| Abstract: |
Intuitively, how we feel about potential outcomes will determine our
decisions. Indeed, one of the most influential theories in psychology,
Prospect Theory, implicitly assumes that feelings govern choice. Surprisingly,
however, we know very little about the rules by which feelings are transformed
into decisions. Here, we characterize a computational model that uses feelings
to predict choice. We reveal that this model predicts choice better than
existing value-based models, showing a unique contribution of feelings to
decisions, over and above value. Similar to Prospect Theory value function,
feelings showed diminished sensitivity to outcomes as value increased.
However, loss aversion in choice was explained by an asymmetry in how feelings
about losses and gains were weighed when making a decision, not by an
asymmetry in the feelings themselves. The results provide new insights into
how feelings are utilized to reach a decision. |