Tempus Fugit: Time Pressure in Risky Decisions

• 成果类型: Article
• 署名作者: Kocher, Martin G.; Pahlke, Julius; Trautmann, Stefan T.
• 署名单位: University of Munich; University of Gothenburg; Leibniz Association; Ifo Institut; Tilburg University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2013.1711
• 发表日期: 2013
• 页码: 2380-2391
• 关键词: time pressure; risk aversion; loss aversion; gain seeking; aspiration levels

摘要

We study the effects of time pressure on risky decisions for pure gain prospects, pure loss prospects, and mixed prospects involving both gains and losses. In two experiments we find that time pressure has no effect on risk attitudes for gains, but increases risk aversion for losses. For mixed prospects, subjects become simultaneously more loss averse and more gain seeking under time pressure, depending on the framing of the prospects. The results suggest the importance of aspiration levels, and thus the overall probability to break even, under time pressure. We discuss the implications of our findings for decision-making situations that involve time pressure.