#3324. Distinguishing three effects of time pressure on risk taking: Choice consistency, risk preference, and strategy selection

October 2026publication date
Proposal available till 18-05-2025
4 total number of authors per manuscript0 $

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Journal’s subject area:
Sociology and Political Science;
Arts and Humanities (miscellaneous);
Strategy and Management;
Applied Psychology;
Decision Sciences (all);
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Abstract:
Quick decision making under risk is ubiquitous in modern times, yet its consequences are not fully understood. Time pressure might change peoples risk preferences, lead to less consistent choices, or change peoples decision strategy. With the present work, we make the novel contribution of testing all hypotheses against each other in a unifying hierarchical Bayesian model. We found a significant increase in risky choices under time pressure. With modeling, we show that time pressure decreased choice consistency but did not systematically affect peoples risk preferences. Finally, participants did not systematically choose easier gambles more often under time pressure. Thus, a reliable analysis of the effect of time pressure on preferential choice requires a model framework that allows for the distinction between the various effects time pressure can have.
Keywords:
finite-mixture model; gamble complexity; random utility; risky choice; time pressure

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