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This article conceptualizes the relations between values and actions from the point of view of expectancy‐value theory. Key assumptions are that values induce valences on events and potential outcomes, and that these valences in association with expectations are important determinants of the final action that is taken. The approach is illustrated by results from a recent study concerned with job‐seeking behavior among the unemployed. The approach is discussed in relation to Lewinian theory and to recent theoretical statements concerning commitment, volition, and self‐regulation. Related approaches to conceptualizing relations between values and actions are briefly noted, along with the need to take account of the activation of values and valences in relation to the cognitive‐affective system.
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