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The role of emotions in economic decisions

The process of decision-making is complex and not always deliberate, since it is influenced by a large variety of factors. According to economic theory, the main goal of any individual is to maximize utility, taking into account both preferences and existing constraints. Most theories, which consider people’s behavior in economics, focus on the changes of the overall welfare to measure how much better-off people become after making a particular choice. However, the importance of emotions in decision-making process is often neglected, although they play a crucial role among the determinants of people’s choices. My purpose is to contribute to the literature dedicated to the influence of emotions on economic decisions, such as, for example, willingness to compete at working environment and willingness to donate.