In Searle’s social ontology, collective intentionality is an essential component of all institutional facts. This is because the latter involve the assignment of functions, namely "status functions," on entities whose physical features do not guarantee their performance, therefore requiring our acceptance that it be performed. One counter-example to that claim can be found in Carl Menger’s individualistic account of the money system. Menger’s commitment to the self-interest assumption, however, prevents him from accounting for the deontic dimensions of institutional facts.

Giving money to others feels good. In the past years, this claim has received strong empirical support from psychology and neuroscience. It is now standard to use the label ‘warm glow feelings’ to refer to the pleasure people take from giving, and many explanations of apparently altruistic behavior appeal to these internal rewards. But what exactly are warm glow feelings? Why do people experience them? In order to further our understanding of the phenomenon, we ran two studies: a recall task (...) in which participants were asked to remember a donation they made, and a donation task in which participants were given the opportunity to make a donation before reporting their affective states. In both studies, correlational and experimental evidence converge towards the conclusion that, if the nature of the warm glow is straightforward, its source is multifaceted. Regarding the nature of ‘warm glow’, the pleasure people took in giving was mainly predicted by one particular positive emotion (‘joyful feelings’) and was indeed described by participants as a ‘warm’ sensation. Regarding the underlying psychological mechanisms, ‘warm glow’ feelings were elicited both by positive appraisals regarding the donor’s moral character and positive appraisals regarding the actual impact of the donor’s donation on the welfare of others. We discuss the implications of these findings for the role of positive emotions in explaining why people give. (shrink)