Emotional choice theoryEmotional choice theory (also referred to as the "logic of affect") is a social scientific action model to explain human decision-making. Its foundation was laid in Robin Markwica’s monograph Emotional Choices published by Oxford University Press in 2018. It is considered an alternative model to rational choice theory and constructivist perspectives.
Convention (norm)A convention is a set of agreed, stipulated, or generally accepted standards, social norms, or other criteria, often taking the form of a custom. In a social context, a convention may retain the character of an "unwritten law" of custom (for example, the manner in which people greet each other, such as by shaking each other's hands). Certain types of rules or customs may become law and sometimes they may be further codified to formalize or enforce the convention (for example, laws that define on which side of the road vehicles must be driven).
Exponential utilityIn economics and finance, exponential utility is a specific form of the utility function, used in some contexts because of its convenience when risk (sometimes referred to as uncertainty) is present, in which case expected utility is maximized. Formally, exponential utility is given by: is a variable that the economic decision-maker prefers more of, such as consumption, and is a constant that represents the degree of risk preference ( for risk aversion, for risk-neutrality, or for risk-seeking).
