aspg-42-4484-1792223480 20261017075120 American Scientific Publishing Group admin@americaspg.com American Scientific Publishing Group Journal of International Economics Research JIER 3070-5665 2026 4 1 Dmitriy Yagudin Doctor of Psychology, CEO of the D.R. Yagudin International NeuroUniversity, and Chairman of the Board of the Unity NGO, Russia Standard models of decision-making under uncertainty, from expected utility theory to cumulative prospect theory, treat risk preferences as fixed individual traits. Yet a substantial psychological literature shows that risk-relevant preferences shift systematically with the decision-maker’s momentary internal state: affective arousal amplifies loss aversion, while cognitive load and time pressure push judgment toward heuristic, more distorted probability processing. This paper proposes Affective-Cognitive Prospect Theory (ACPT), a state-dependent extension of cumulative prospect theory in which the loss-aversion coefficient is an increasing function of affective arousal and the curvature of the probability-weighting function is a decreasing function of cognitive load, each grounded in an established psychological literature. 2026 46 54 4484 https://creativecommons.org/licenses/by/4.0/ 10.54216/JIER.040106 https://americaspg.com/journal/42/article/4484 https://americaspg.com/storage/articles/manuscripts/01KZYX4JEFXSE4G9E3QFEP2FQF.pdf