Final answer:
Lee's interpretation of his physiological arousal (racing heart) as excitement and anticipation before skydiving best represents the James-Lange theory of emotion, where emotions are the result of physiological changes.
Step-by-step explanation:
Lee's interpretation of his racing heart as excitement and anticipation before skydiving aligns with the James-Lange theory of emotion, which posits that we experience emotion as a result of physiological arousal. In contrast, the Cannon-Bard theory suggests that emotional experience and physiological arousal occur simultaneously and independently, while the Schachter-Singer two-factor theory emphasizes that both physiological arousal and cognitive appraisal are essential for an emotion to be experienced.
The James-Lange theory would assess Lee's situation as his body showing signs of arousal (racing heart), which then leads to the cognitive interpretation of the emotion (excitement). Therefore, the physiological change precedes the emotional experience. In contrast, the Schachter-Singer theory would argue that it is Lee's cognition, his interpretation of the excitement of skydiving, combined with the physiological arousal, that results in the emotion.