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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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WRAP-distinguishing-three-effects-time-pressure-risk-taking-choice-consistency-risk-preference-strategy-selection-Olschewski-2021.pdf - Published Version - Requires a PDF viewer. Available under License Creative Commons Attribution Non-commercial No Derivatives 4.0. Download (1588Kb) | Preview |
Official URL: http://dx.doi.org/10.1002/bdm.2228
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 | ||||||||
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| 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 |
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| 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: |
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| 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: |
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