In this article, we examine how affect influences judgment and thought, but also how thought transforms affect. The general thesis is that the nature and impact of affective reactions depends largely on their objects. We view affect as a representation of value, and its consequences as dependent on its object or what it is about. Within a review of relevant literature and a discussion of the nature of emotion, we focus on the role of the object of affect in governing (...) both the nature of emotional reactions and the impact of affect and emotion on cognition and action. Although emotion is always about the here and now, the capacity for abstract thought means that the human here and now includes imagination as well as perception. Indeed, the hopes and fears that dominate human lives often involve things only imagined. (shrink)