Positive and negative feelings were central to the development of economics, especially in utility theory in classical economics. While neoclassical utility theory ignored feelings, behavioral economics more recently reintroduced feelings in utility theory. Beyond feelings, economic theorists use full-fledged specific emotions to explain behavior that otherwise could not be understood or they study emotions out of interest for the emotion itself. While some analyses display a strong overlap between psychological thinking and economic modelling, in most cases there is still a (...) large gap between economic and psychological approaches to emotion research. Ways how to reduce this gap are discussed. (shrink)

Emotions are traditionally considered to be brief states that last for seconds or a few minutes at most. However, due to pioneering theoretical work of Frijda and recent empirical studies, it has become clear that the duration of emotions is actually highly variable with durations ranging from a few seconds to several hours, or even longer. We review research on determinants of emotion duration. Three classes of determinants are identified: features related to the (a) emotion-eliciting event (event duration and event (...) appraisal), (b) emotion itself (nature of the emotion component, nature of the emotion, and emotion intensity), and (c) emotion-experiencing person (dispositions and emotion regulatory actions). Initial evidence on the psychological and neural mechanisms that underlie their effects is discussed. (shrink)