Risk, time pressure, and selection effects

Kocher, Martin G. ORCID: https://orcid.org/0000-0002-6792-1192; Schindler, David; Trautmann, Stefan T. and Xu, Yilong (2019) Risk, time pressure, and selection effects. Experimental Economics, 22 (1), pp. 216-246.

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Abstract or Table of Contents

Time pressure is a central aspect of economic decision making nowadays. It is therefore natural to ask how time pressure affects decisions, and how to detect individual heterogeneity in the ability to successfully cope with time pressure. In the context of risky decisions, we ask whether a person’s performance under time pressure can be predicted by measurable behavior and traits, and whether such measurement itself may be affected by selection issues. We find that the ability to cope with time pressure varies significantly across decision makers, leading to selected subgroups that differ in terms of their observed behaviors and personal traits. Moreover, measures of cognitive ability and intellectual efficiency jointly predict individuals’ decision quality and ability to keep their decision strategy under time pressure.

Item Type: Article in Academic Journal
Keywords: Risk, Cognitive ability, Selection, Time pressure
Classification Codes (e.g. JEL): JEL Classification C91 D81
Research Units: Insight Austria
Status: Published
Date Deposited: 21 Sep 2018 10:04
Last Modified: 20 Feb 2019 13:33
Identification Number or DOI: 10.1007/s10683-018-9576-1
ISSN: 1386-4157, online 1573-6938
URI: https://irihs.ihs.ac.at/id/eprint/4753

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