Theories of Economic Decision-Making: Value, Risk and Affect

Kühberger, A.; Schulte-Mecklenbeck, Michael (2017). Theories of Economic Decision-Making: Value, Risk and Affect. In: Economic Psychology (pp. 19-34). John Wiley & Sons Ltd 10.1002/9781118926352.ch2

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Economic decision-making deals with various aspects of people’s economic choices. In this process, the value of options is evaluated; but often, options are not available for sure, in such situations risk becomes important. People may feel happy or sad about a situation or outcomes of a choice, thus affect plays an important role. Understanding how value, risk and affect interact to form a coherent group of behaviours called risky decision-making is the main goal of this chapter. We will give and overview of relevant concepts, like value and utility, risk and ambiguity, affect and emotion, review empirical research that informs the development of theory, and discuss relevant developments and interactions.

Item Type:

Book Section (Book Chapter)


03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Innovation Management > Consumer Behavior

UniBE Contributor:

Schulte-Mecklenbeck, Michael


600 Technology > 650 Management & public relations


John Wiley & Sons Ltd




Daniela Lüdi

Date Deposited:

17 Jul 2018 10:18

Last Modified:

05 Dec 2022 15:03

Publisher DOI:



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