Choice and the relative pleasure of consequences.

Attempts to model pleasure and pain in terms of utilities, decision weights, and counterfactual comparisons are examined.

Abstract

Although pleasure played a central role in early theories of decision making, it gradually became peripheral, largely because of measurement concerns. Normative theories became more mathematical, and descriptive theories emphasized cognition over emotion. In recent years, there has been a renewed interest in emotions and choice. This article examines attempts to model pleasure and pain in terms of utilities, decision weights, and counterfactual comparisons. Research on disappointment and regret has provided both empirical and theoretical insights. Many researchers now realize that the predictability of the emotions that follow from decisions is as important as the predictability of choice.