Abstract

We develop Miceli’s theory about expectations and their related emotions by modelling the paradoxical expectations and predictions about the past. Then we claim that one should expand the Prospect Theory and the idea that we evaluate the outcome just in relation to the “statu quoµ: as “gainsµ or “lossesµ. We evaluate the outcome confronting it to our expectations: it is better or worse then expected? Thus even a “gainµ may elicit negative feelings or a “lossµ elicit may not so bad feelings, given what we were hoping or afraid