Abstract. In three experiments, anticipated affective reactions to risky and certain decision outcomes were investigated. It was shown that the two affect dimensions, valence and activation, describe anticipated affective reactions. When combined in a nonlinear dimension ranging from elation to disappointment, the results were found to replicate previous research showing that anticipated affective reactions are influenced by both sign (loss or gain), magnitude, and probability of outcomes. Preference for the anticipated affective reactions was furthermore related to both affect dimensions.