Schacter and Singer's study of emotion
The two-factor theory of emotion
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A charging bull represents the perception of emotion-arousing stimulus. This has two outcomes: fight or flight which is the physiological changes related to the emotion, which in turn leads to the emotional response. Also involved is the cognitive appraisal of likely bodily response, in this case the fact the bull has horns and looks angry and the boy's legs feel like jelly as a result.
Schacter and Singer used their experiment to test their two-factor theory of emotion.

They see emotion as the result of an interaction of two factors:

  • A state of arousal.

  • A cognitive appraisal of the situation the person is in at the time. 
In other words, it is not the nature of the physiological arousal itself that identifies the emotion but our cognitive interpretation of it. So, if someone cannot explain why they are experiencing physiological arousal, they will associate it with something in their current environment and label their feelings based on this.

For this reason this theory is also referred to as the cognitive labelling theory.