Behavioral Bias: The Affect Heuristic

Bias: Affect Heuristic

Quick Definition:

“As used here, affect means the specific quality of “goodness” or “badness” (1) experienced as a feeling state (with or without consciousness) and (2) demarcating a positive or negative quality of a stimulus.”
Slovic et al., The Affect Heuristic, Chapter 23, page 397

Extended Definition:

As used here, affect means the specific quality of “goodness” or “badness” (1) experienced as a feeling state (with or without consciousness) and (2) demarcating a positive or negative quality of a stimulus. Affective responses occur rapidly and automatically – note how quickly you sense the feelings associated with the stimulus words treasure or hate. We argue that reliance on such feelings can be characterized as the affect heuristic. In this chapter, we trace the development of the affect heuristic across a variety of research paths followed by ourselves and many others. We also discuss some of the important practical implications resulting from ways that this heuristic impacts our daily lives.” Conclusion: “We hope that this rather selective and idiosyncratic tour through a mélange of experiments and conjectures has conveyed the sense of excitement we feel toward the affect heuristic. This heuristic appears at once both wonderrous and frightening: wonderous in its speed, and subtlety, and sophistication, and its ability to “lubricate reason”; frightening in its dependency upon context and experience, allowing us to be led astray or manipulated – inadvertently or intentionally – silently and invisibly. […]”
Slovic, et al.

SimoleonSense Says:

Be the master your of emotions don’t let them master you. 

“The discovery that the weather in New York City has a long history of significant correlation with major stock indexes supports the view that investor psychology influences asset prices.”
Saunders (1993)…

Additional Papers And Research On Self Deceiption:

1. ASPINWALL, L.G., 1998. Rethinking the role of positive affect in self-regulation. Motivation and Emotion.

2. SLOVIC, P., et al., 2002. The affect heuristic. Heuristics and biases: The psychology of intuitive judgment.

3. FINUCANE, M.L., et al., 2000. The affect heuristic in judgments of risks and benefits. Journal of Behavioral Decision Making

4. BODENHAUSEN, G.V., 1993. Emotions, arousal, and stereotypic judgments: A heuristic model of affect and stereotyping. Affect, cognition, and stereotyping: Interactive processes

About Miguel Barbosa

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12. August 2009 by Miguel Barbosa
Categories: Behavioral Economics, Curated Readings | Leave a comment

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