"I Feel Therefore I Decide": Effect of Negative Emotions on Temporal Discounting and Probability Discounting.

Temporal and probability discounting are considered two fundamental constructs in economic science, as they are associated with phenomena with major societal impact and a variety of sub-optimal behaviors and clinical conditions. Although it is well known that positive and negative affective states bear important cognitive/behavioral consequences, the effect of emotional experiences on decision-making remains unclear due to the existence of many conflicting results. Inspired by the need to understand if and to what extent the current COVID-19 pandemic has determined changes in our decision-making processes by means of the unusual, prolonged experience of negative feelings, in this study we investigate the effect of anger, fear, sadness, physical and moral disgust on intertemporal and risky choices. Results show that all emotions significantly increase subjects' preferences for immediate rewards over delayed ones, and for risky rewards over certain ones, in comparison to a "neutral emotion" condition, although the magnitude of the effect differs across emotions. In particular, we observed a more pronounced effect in the case of sadness and moral disgust. These findings contribute to the literature on emotions and decision-making by offering an alternative explanation to the traditional motivational appraisal theories. Specifically, we propose that the increased preference for immediate gratification and risky outcomes serves as a mechanism of self-reward aimed at down-regulating negative feelings and restore the individual's "emotional balance".

Effects of Individual Discount Rate and Uncertainty Perception on Compliance with Containment Measures during the COVID-19 Pandemic.

Anti-contagion measures restricting individual freedom, such as social distancing and wearing a mask, are crucial to contain the COVID-19 pandemic. Decision-making patterns and attitudes about uncertainty can highly influence the adherence to these restrictive measures. Here we investigated the relationship between risky behavior and individual preferences for immediate vs. delayed reward, as indexed by temporal discounting (TD), as well as the association between these measures and confidence in the future, perceived risk and confidence in the containment measures. These measures were collected through an online survey administered on 353 participants at the end of the more restrictive phase of the first Italian lockdown. The results showed an unexpected inverse relationship between the individual pattern of choice preferences and risky behavior, with an overall greater adherence to containment measures in more discounter participants. These findings were interpreted in terms of a reframing process in which behaviors aimed at protecting oneself from contagion turn into immediate gains rather than losses. Interestingly, an excessive confidence in a better future was correlated with a higher tendency to assume risky behavior, thereby highlighting the downside of an overly and blindly optimistic view.