This article reviews existing empirical research on the peak-and-end rule. This rule states that people's global evaluations of past affective episodes can be well predicted by the affect experienced during just two moments: the moment of peak affect intensity and the ending. One consequence of the peak-and-end rule is that the duration of affective episodes is largely neglected. Evidence supporting the peak-and-end rule is robust, but qualified. New directions for future work in this emerging area of study are outlined. In (...) particular, the personal meanings associated with specific moments and with specific emotions should be assessed. It is hypothesised that moments rich with self-relevant information will dominate people's global evaluations of past affective episodes. The article concludes with a discussion of ways to measure and optimise objective happiness. (shrink)