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

• Published in: Journal of behavioral decision making Vol. 34; no. 4; pp. 541 - 554
• Main Authors: Olschewski, Sebastian, Rieskamp, Jörg
• Format: Journal Article
• Language: English
• Published: Chichester Wiley Periodicals Inc 01.10.2021
• Subjects: Bayesian analysis; Decision making; finite‐mixture model; gamble complexity; Pressure; random utility; Risk preferences; Risk taking; risky choice; time pressure

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...