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Hedonic Prediction and Relativism

Standard decision theory assumes that when choosing between options that have the same costs, decision makers evaluate which option will deliver the highest expected outcome utility and choose that option. This is known as a consequentialist utility analysis method. In reality, people rarely base their decisions strictly on this approach. In recent years, behavioral decision theorists have proposed that choices are often driven by decision makers' affect, or predicted experience, toward the choice options, and that such affect-driven decisions often lead to choices different from those that the standard utility analysis would prescribe. For example, before making a decision, they tend to think about the emotions that the outcomes of their choices are likely to trigger (i.e., decision makers predict their hedonic experiences). Evidence from ...

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