There is much more to emotion than just positive and negative valuation, as we see in the many varieties of feelings, such as happiness, elation, contentedness, fear, anger, disgust, and horror. Philosophers and psychologists have long debated the nature of the emotions, and their proposed theories fall into two main camps: cognitive appraisal and bodily perception. According to cognitive appraisal theories, emotions are judgments about the extent to which a perceived situation accomplishes a person's goals. According to bodily perception theories, however, emotions are not judgments but rather perceptions of physiological states. I will briefly review these historically competing theories, and then offer a synthesis of them in the form of a model of how the brain combines both cognitive appraisal and bodily perception.