Decision making under time pressure, modeled in a prospect theory framework
AbstractThe current research examines the effects of time pressure on decision behavior based on a prospect theory framework. In Experiments 1 and 2, participants estimated certainty equivalents for binary gains-only bets in the presence or absence of time pressure. In Experiment 3, participants assessed comparable bets that were framed as losses. Data were modeled to establish psychological mechanisms underlying decision behavior. In Experiments 1 and 2, time pressure led to increased risk attractiveness, but no significant differences emerged in either probability discriminability or outcome utility. In Experiment 3, time pressure reduced probability discriminability, which was coupled with severe risk-seeking behavior for both conditions in the domain of losses. No significant effects of control over outcomes were observed. Results provide qualified support for theories that suggest increased risk-seeking for gains under time pressure.
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Bibliographic InfoArticle provided by Elsevier in its journal Organizational Behavior and Human Decision Processes.
Volume (Year): 118 (2012)
Issue (Month): 2 ()
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Web page: http://www.elsevier.com/locate/obhdp
Decision making; Prospect theory; Time pressure; Probability; Choice; Gambling;
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