Moreover, research examining emotion in all fields of psychology remained scant (for review, see Keltner & Lerner 2010). Even psychologists' critiques of expected utility theory focused primarily on understanding cognitive processes (see Kahneman & Tversky 1979). The case was similar in psychology for most of the twentieth century. In economics, the historically dominant discipline for research on decision theory, the role of emotion, or affect more generally, in decision making rarely appeared for most of the twentieth century, despite featuring prominently in influential eighteenth- and nineteenth-century economic treatises (for review, see Loewenstein & Lerner 2003). 2014), an increasingly vibrant quest to identify the effects of emotion on judgment and decision making (JDM) is under way. Across disciplines ranging from philosophy ( Solomon 1993) to neuroscience (e.g., Phelps et al.

But as the quote above reveals, Simon knew his theory would be incomplete until the role of emotion was specified, thus presaging the critical attention contemporary science has begun to give emotion in decision research. Nobel laureate Herbert Simon (1967, 1983) launched a revolution in decision theory when he introduced bounded rationality, a concept that would require refining existing normative models of rational choice to include cognitive and situational constraints. Hence, in order to have anything like a complete theory of human rationality, we have to understand what role emotion plays in it.

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