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[Correction Notice: An erratum for this article was reported in Vol 78 (4) of Journal of Personality and Social Psychology (see record 2007-17405-001). The graph in the upper panel," Low NC Participants," was incorrect. The corrected figure in its entirety appears in this erratum.] Positive and negative moods have been shown to increase likelihood estimates of future events matching these states in valence (eg, EJ Johnson and A. Tversky, 1983). In the present article, 4 studies provide evidence that this congruency bias (1) is not limited to valence but functions in an emotion-specific manner,(2) derives from the informational value of emotions, and (3) is not the inevitable outcome of likelihood assessment under heightened emotion. Specifically, Study 1 demonstrates that sadness and anger, 2 distinct, negative emotions, differentially bias likelihood estimates of sad and angering events. Studies 2 and 3 replicate this …