Emotions and Economic Theory

How emotions can help explain behavior for which explanation seems to be lacking is discussed. The features of emotions emphasized by psychologists are summarized. The question of whether emotions can be chosen, be it for their intrinsic value or for their instrumental usefulness is addressed. Whether emotions can help make choices when rationality by itself is insufficient is discussed. The most important issue - how emotions may combine with other motivations such as rational self-interest to produce behavior - is considered.