Incentivised experimental investigations of the affect heuristic

Abstract

In recent years there has been increasing interest in using the related concepts of affect and evaluability to understand a wide range of decision behaviours. However, a common feature of studies to date is that they have adopted hypothetical payoff designs. Such an approach is open to criticisms of non-consequentiality. In this paper we address this criticism, presenting a series of incentivised, real payoff, experimental studies examining the roles of affect and, the related concept of evaluability in judgments and decisions across a range of contexts including money gambles and the purchase of and preference for various market goods. We demonstrate that the affect heuristic remains a feature of decision making in the contexts considered within this experiment.

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