The paper contrasts two approaches to the analysis of hope: one that takes its departure from a view broadly shared by Hobbes, Locke and Hume, another that fits better with Aquinas's definition of hope. The former relies heavily on a sharp distinction between the cognitive and conative aspects of hope. It is argued that while this approach provides a valuable source of insights, its focus is too narrow and it rests on a problematic rationalistic psychology. The argument is supported by a discussion of hope understood as a stance and by a consideration of the phenomenological contrast between expectation and anticipation. The paper concludes with some reflections on the relation between hope and illusion and the idea of responsible hope.