Affective forecasting

is the process of predicting how future events will influence emotional well-being. People often use affective forecasting when making decisions. For example, people make choices about who to marry, where to live, and what to buy based on their affective forecasts about what will bring happiness. Unfortunately, affective forecasting is prone to error, which can lead to decisional regret (e.g., divorce, buyer’s remorse, etc.). Thus, psychology and behavioral economics research has focused on understanding and improving affective forecasting in order to help people make decisions more effectively.

Source: www.affectiveforecasting.com

Also known as hedonic forecasting or hedonic forecasting mechanism.