Affective valence tracks value rather than value updates during classical conditioning

Value and affective valence are pivotal constructs in decision and emotion science that are commonly believed to be closely connected. However, there is no consensus on precisely how these constructs relate, with different researchers adopting substantially different views. Here, we sought to clarify this relationship by providing a critical test of two leading hypotheses: that affective valence tracks value, and that affective valence tracks value updates (i.e., changes in value). To accomplish this goal, we assessed the determinants of valence in a context where these hypotheses make clear and dissociable predictions – classical conditioning. Across three studies, we found consistent evidence that affective valence tracks value, rather than value updates. Additionally, we show that more optimistic expectations can lead to more positive affective responses to actual outcomes. Altogether, our results clarify the relationship between value and affective valence, and thus inform the broad range of psychological research that depends on an understanding of the connection between these constructs.