Distinguishing three effects of time pressure on risk taking: Choice consistency, risk preference, and strategy selection
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...
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| Published in | Journal of behavioral decision making Vol. 34; no. 4; pp. 541 - 554 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Chichester
Wiley Periodicals Inc
01.10.2021
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| Online Access | Get full text |
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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. |
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| AbstractList | 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. |
| Author | Olschewski, Sebastian Rieskamp, Jörg |
| Author_xml | – sequence: 1 givenname: Sebastian orcidid: 0000-0001-9371-1597 surname: Olschewski fullname: Olschewski, Sebastian email: sebastian.olschewski@wbs.ac.uk organization: University of Warwick – sequence: 2 givenname: Jörg orcidid: 0000-0003-2632-8015 surname: Rieskamp fullname: Rieskamp, Jörg organization: University of Basel |
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| SubjectTerms | Bayesian analysis Decision making finite‐mixture model gamble complexity Pressure random utility Risk preferences Risk taking risky choice time pressure |
| Title | Distinguishing three effects of time pressure on risk taking: Choice consistency, risk preference, and strategy selection |
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