EconPapers    
Economics at your fingertips  
 

Speed, Quality, and the Optimal Timing of Complex Decisions: Field Evidence

Uwe Sunde (), Dainis Zegners and Anthony Strittmatter ()

No 9546, CESifo Working Paper Series from CESifo

Abstract: This paper presents an empirical investigation of the relation between decision speed and decision quality for a real-world setting of cognitively-demanding decisions in which the timing of decisions is endogenous: professional chess. Move-by-move data provide exceptionally detailed and precise information about decision times and decision quality, based on a comparison of actual decisions to a computational benchmark of best moves constructed using the artificial intelligence of a chess engine. The results reveal that faster decisions are associated with better performance. The findings are consistent with the predictions of procedural decision models like drift-diffusion-models in which decision makers sequentially acquire information about decision alternatives with uncertain valuations.

Keywords: response times; speed-performance profile; drift-diffusion model; uncertain evaluations (search for similar items in EconPapers)
JEL-codes: C70 C80 D01 D90 (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-cmp and nep-spo
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://www.cesifo.org/DocDL/cesifo1_wp9546.pdf (application/pdf)

Related works:
Working Paper: Speed, Quality, and the Optimal Timing of Complex Decisions: Field Evidence (2022) Downloads
Working Paper: Speed, Quality, and the Optimal Timing of Complex Decisions: Field Evidence (2022) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_9546

Access Statistics for this paper

More papers in CESifo Working Paper Series from CESifo Contact information at EDIRC.
Bibliographic data for series maintained by Klaus Wohlrabe ().

 
Page updated 2022-09-14
Handle: RePEc:ces:ceswps:_9546