Decision making under time pressure, modeled in a prospect theory framework

Rapid makes risky: Time pressure increases risk seeking in decisions from experience

“…In general, decision-making studies have found that time pressure increases risk seeking (e.g., Hu et al, 2015;Huber & Kunz, 2007;Young et al, 2012;but see Ben Zur & Breznitz, 1981). This general finding of increased risk attractiveness due to time pressure can be interpreted using the dual systems view of decision-making (Carruthers, 2009;Evans, 2003;Kahneman, 2003).…”

“…These decisions from description form a cornerstone in behavioural economics: for example, when explicitly given a choice between a guaranteed win of $20 or a 50/50 chance of winning $40, people tend to be risk averse (e.g., Kahneman & Tversky, 1979). When time pressure is applied to these decisions, however, people tend to become more risk seeking (e.g., Hu, Wang, Pang, Xu, & Guo, 2015;Huber & Kunz, 2007;Kocher, Pahlke, & Trautmann, 2013;Young, Goodie, Hall, & Wu, 2012, with one exception: Ben Zur & Breznitz, 1981. This effect of time pressure on risky choice in decisions from description may be caused by changes in information-processing strategies.…”

“…For instance, time pressure may cause a shift in the scope with which people evaluate the different options, whereby people filter and process only key details of the problem, rather than extensively processing all available information (e.g., Maule, Hockey, & Bdzola, 2000). This possibility is also borne out by recent computational work, which shows that time pressure can increase the risk attractiveness of gains in a modified version of prospect theory (Young et al, 2012).…”

The relationship between burnout and risk-taking in workplace decision-making and decision-making style

“…However, most of the studies have investigated the effect of acute 5 stress on decision making (e.g. Young, Goodie, Hall, & Wu, 2012).…”

Under Pressure: An Integrative Perspective of Time Pressure Impact on Consumer Decision-Making

“…Nevertheless, TP has been typically equated to the objective time given to participants for task completion (e.g., Dhar & Nowlis, 1999;Haynes, 2009;Young, Goodie, Hall, & Wu, 2012). To the best of our knowledge, and despite some theorization about individual orientations and attitudes towards TP types (e.g., Time Orientation Models - Bergadaà, 2007;Usunier & Valette-Florence, 2007), the experimental designs that have been used to manipulate TP have not yet provided a solid comparison between the effects of different TP types (e.g., Lallement, 2010).…”