Current Emotion Research in Economics

17 Pages Posted: 10 Oct 2016

See all articles by Klaus Wälde

Klaus Wälde

University of Mainz; CESifo (Center for Economic Studies and Ifo Institute); UCL at Louvain la Neuve

Agnes Moors

KU Leuven

Abstract

Positive and negative feelings were central to the development of economics, especially in utility theory in classical economics. While neoclassical utility theory ignored feelings, behavioral economics more recently reintroduced feelings in utility theory. Beyond feelings, economic theorists use full-fledged specific emotions to explain behavior that otherwise could not be understood or they study emotions out of interest for the emotion itself. While some analyses display a strong overlap between psychological thinking and economic modelling, in most cases there is still a large gap between economic and psychological approaches to emotion research. Ways how to reduce this gap are discussed.

Keywords: emotions, decision making, theory

JEL Classification: A12, B0, D03

Suggested Citation

Wälde, Klaus and Moors, Agnes, Current Emotion Research in Economics. IZA Discussion Paper No. 10261, Available at SSRN: https://ssrn.com/abstract=2849746

Klaus Wälde (Contact Author)

University of Mainz ( email )

Mainz School of Management and Economics
Mainz, 55128
Germany
+49 6131 3920143 (Phone)

HOME PAGE: http://www.waelde.com

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

UCL at Louvain la Neuve

Place Montesquieu, 3
Louvain-la-Neuve, 1348
Belgium

Agnes Moors

KU Leuven

Oude Markt 13
Leuven, 3000
Belgium

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