ABSTRACT
This chapter attempts to recap some of the arguments presented about emotions and biases in human thinking. The basic emotion of disgust consists of family of complex emotions that includes guilt, shame and contempt, and therefore includes a set of moral evaluations as well as the more specific disgust reactions. This chapter summarises about the final piece of the jigsaw from the SPAARS model; which is one of the basic emotions predominant in the system at a particular point in time. It focuses on two specific phenomena, loss aversion and anticipated regret, both are motivated by avoidance of loss and sadness. Loss aversion is another challenge to classical economics because it reflects a non-rational and emotion-based behaviour. Zeelenberg summarises number of situations in which anticipated regret can motivate behaviour, and a number of studies on choice between gambles, consumer decision-making and interpersonal decision-making, in which anticipated regret seemed to promote both risk-averse and risk-seeking choices in order to avoid regret.
