On the role of emotion in rational choice

Junichi Minagawa ()

Mind & Society: Cognitive Studies in Economics and Social Sciences, 2013, vol. 12, issue 2, 235-243

Abstract: This paper shows a role for emotion in rational choice. The key concept here is “time illusion”. The perception of the time spent on an activity is often different from the actual time spent, and depends on how enjoyable the activity is. Based on the conception that time illusion affects one’s evaluation of the opportunity cost of an activity, this paper integrates the concept into utility theory. Using this approach suggests that an activity that is perceived as less time intensive is demanded more as the price of time increases. The presence of time illusion leads to a deviation from rational choice, namely, over- or under-consumption. Copyright Springer-Verlag Berlin Heidelberg 2013

Keywords: Economic man; Opportunity cost; Sympathy; Time illusion (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1007/s11299-013-0130-8 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:minsoc:v:12:y:2013:i:2:p:235-243

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/11299

DOI: 10.1007/s11299-013-0130-8

Access Statistics for this article

Mind & Society: Cognitive Studies in Economics and Social Sciences is currently edited by Riccardo Viale

More articles in Mind & Society: Cognitive Studies in Economics and Social Sciences from Springer, Fondazione Rosselli Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().