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Distinguishing three effects of time pressure on risk taking : choice consistency, risk preference, and strategy selection

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Olschewski, Sebastian and Rieskamp, Jörg (2021) Distinguishing three effects of time pressure on risk taking : choice consistency, risk preference, and strategy selection. Journal of Behavioral Decision Making, 34 (4). pp. 541-554. doi:10.1002/bdm.2228

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Official URL: http://dx.doi.org/10.1002/bdm.2228

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Abstract

Quick decision making under risk is ubiquitous in modern times, yet its consequences are not fully understood. Time pressure might change people's risk preferences, lead to less consistent choices, or change people's decision strategy. With the present work, we make the novel contribution of testing all hypotheses against each other in a unifying hierarchical Bayesian model. In two studies, participants decided repeatedly between two risky gambles either with or without high time pressure. We found a significant increase in risky choices under time pressure. With modeling, we show that time pressure decreased choice consistency but did not systematically affect people's risk preferences. In addition, the number of participants using simple, noncompensatory strategies increased slightly under time pressure. Finally, participants did not systematically choose easier gambles more often under time pressure. Thus, a reliable analysis of the effect of time pressure on preferential choice requires a model framework that allows for the distinction between the various effects time pressure can have.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HF Commerce
H Social Sciences > HM Sociology
Divisions: Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Decision making , Risk , Consumers' preferences , Time pressure, Strategic planning
Journal or Publication Title: Journal of Behavioral Decision Making
Publisher: John Wiley & Sons Ltd.
ISSN: 0894-3257
Official Date: October 2021
Dates:
DateEvent
October 2021Published
14 January 2021Available
20 December 2021Accepted
Volume: 34
Number: 4
Page Range: pp. 541-554
DOI: 10.1002/bdm.2228
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Open Access
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
P2BSP1_188188Schweizerischer Nationalfonds zur Förderung der Wissenschaftlichen Forschunghttp://dx.doi.org/10.13039/501100001711

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