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Rapid makes risky : time pressure increases risk seeking in decisions from experience
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Madan, Christopher R., Spetch, Marcia Louise and Ludvig, Elliot Andrew (2015) Rapid makes risky : time pressure increases risk seeking in decisions from experience. Journal of Cognitive Psychology, 27 (8). pp. 921-928. doi:10.1080/20445911.2015.1055274
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Official URL: http://dx.doi.org/10.1080/20445911.2015.1055274
Abstract
Time pressure is a common constraint on many real-world decisions, such as those made by traders placing orders in the stock market, bidders in an auction, or gamblers at a casino. Many of these situations also involve elements of risk or uncertainty. Previous research has mostly found that time pressure leads to more risky choices. These previous studies, however, have examined decisions made from probabilities that were explicitly described, rather than learned through experienced outcomes. Here we tested how time pressure influences decisions from experience, while manipulating outcome value. Participants under greater time pressure chose risky options more often, independent of outcome value. Our results suggest that, as with decisions from description, time pressure moderately increases risk seeking in decisions from experience.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Subjects: | B Philosophy. Psychology. Religion > BF Psychology | ||||||
| Divisions: | Faculty of Science > Psychology | ||||||
| Library of Congress Subject Headings (LCSH): | Time pressure, Decision making, Risk-taking (Psychology) | ||||||
| Journal or Publication Title: | Journal of Cognitive Psychology | ||||||
| Publisher: | Routledge | ||||||
| ISSN: | 2044-5911 | ||||||
| Official Date: | 20 August 2015 | ||||||
| Dates: |
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| Volume: | 27 | ||||||
| Number: | 8 | ||||||
| Number of Pages: | 8 | ||||||
| Page Range: | pp. 921-928 | ||||||
| DOI: | 10.1080/20445911.2015.1055274 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||
| Funder: | Alberta Gambling Research Institute (AGRI), Natural Sciences and Engineering Research Council of Canada (NSERC) |
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