Final answer:
The statement is false; established theories of emotion such as James-Lange, Cannon-Bard, Schachter-Singer, and appraisal theory, all involve physiological arousal and cognitive appraisal but are not known as the peripheral theory of emotions.
Step-by-step explanation:
The statement that the peripheral theory of emotions focuses on how we interpret situations is false. The peripheral theory is not commonly recognized within the scientific literature on emotions, which instead features several other well-established theories. The James-Lange theory suggests that emotions arise from physiological arousal, while Cannon-Bard theory argues for simultaneous emotional experience and physiological arousal. The Schachter-Singer two-factor theory, or cognitive arousal theory, posits that an emotion is experienced only after physiological arousal is interpreted within the context of the situation, which involves cognitive appraisal.
Furthermore, the appraisal theory of emotions emphasizes the role of cognitive appraisal prior to the emotional experience. This theory suggests that different people can react with different emotions to the same event depending on their personal appraisal of the situation. This is more aligned with the notion described in the question, but it is typically not referred to as the 'peripheral theory of emotions.'
Finally, Lisa Feldman Barrett's constructivist theory suggests that emotions are not innate but are constructed from our experiences, predicting different emotional states from identical physiological states depending on cognitive predictions. All these theories highlight the role of cognitive appraisal in the process of experiencing emotion, but none are referred to as the peripheral theory of emotions.