Rational actors or rational fools: implications of the affect heuristic for behavioral economics

By Paul Slovic, Melissa L. Finucane, Ellen Peters, Donald G. MacGregor. 2002

598 citations recorded by the source corpus.

Subfields: Cognitive Neuroscience, General Decision Sciences, Safety Research

View Paper: https://www.semanticscholar.org/paper/9ac728eb5c6d71e22fdb9b9c3977df92925bb2ae

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Citations in the corpus

Beyond Achievement: Entrepreneurship as Extreme Experience (2006, background): “Slovic et al. (2002) posit that the experiential mode is intuitive, automatic, natural and based on images to which positive and negative affective feelings are attached.”
Global Catastrophic Risks (2008, background): “In a study by Slovic et al. (2002), two groups of subjects evaluated a scenario in which an airport had to decide whether to spend money to purchase new equipment, while critics argued that money should be spent on other aspects of airport safety.”
Which of These Things Are Not Like the Others? Comparing the Rational, Emotional, and Moral Aspects of Reputation, Status, Celebrity, and Stigma (2019, background): “Emotional evaluations are distinct from rational evaluations in that they tend to be made instantaneously (Agarwal & Malhotra, 2005; Slovic et al., 2002) and below the threshold of conscious awareness (Camerer et al., 2005; Winkielman & Berridge, 2004).”
Valuation Techniques for Social Cost-Benefit Analysis: (2011, background): “People attach great weight to information formats that use proportions, percentages or probabilities, since these formats put the outcome dimension into perspective; these formats have upper and lower bounds which allow people to place where a given value falls (Slovic et al., 2002).”
Risk as Value: Combining Affect and Analysis in Risk Judgments (2006, background): “Consistent with Damasio’s hypothesis, Finucane, Slovic, and colleagues (Finucane et al., 2000, 2003; Slovic et al., 2002b) proposed that mental representations of decision stimuli evoke on-line affective experiences that influence people’s perceptions and consequently their judgments and…”
Social Structure and Exchange: Self-confirming Dynamics in Hollywood (2006, background): “As a result, it is easy for individuals to confuse emotions with analytical reasoning (for a review, see Slovic et al., 2002).”
The Halo Effect in Business Risk Audits: Can Strategic Risk Assessment Bias Auditor Judgment about Accounting Details? (2005, background): “Work by Slovic et al. (2002) and Lance et al. (1994) concludes that the favorable or unfavorable valence of an overall performance judgment is positively related to a bias that influences the evaluation of detailed performance criteria.”