Risk, time pressure, and selection effects
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�...
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| Main Authors: | , , , |
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| Format: | Book/Monograph Working Paper |
| Language: | English |
| Published: |
Munich, Germany
Collaborative Research Center Transregio 190
2018
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| Series: | Discussion paper
no. 84 (March 14, 2018) |
| In: |
Discussion paper (no. 84 (March 14, 2018))
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| Subjects: | |
| Online Access: | Resolving-System, kostenfrei, Volltext: http://hdl.handle.net/10419/185754 Verlag, kostenfrei, Volltext: https://rationality-and-competition.de/wp-content/uploads/discussion_paper/84.pdf 
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| Author Notes: | Martin Kocher, David Schindler, Stefan Trautmann, Yilong Xu |
| Summary: | 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. |
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| Physical Description: | Online Resource |