The purpose of this chapter is to build a theory of decision-making that attempts to identify some of the basic sources of subjective value or utility. In particular, we present a theory that formally describes how needs change over time as a function of external stimulation, and internal deprivation and consummation. Recent research demonstrating the influence of need states on decision-making is reviewed and earlier theoretical ideas on motivational mechanisms are summarized. A new extension of a dynamic model of decision making, called decision field theory, is presented that incorporates a dynamic model of needs. This extension is then applied to research examining the influence of affect and emotion on decision-making. Finally, a preliminary sketch of the neuro-physiological substrate of decision field theory is proposed.
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