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Risk, Time Pressure, and Selection Effects

Martin Kocher (), David Schindler (), Stefan Trautmann and Yilong Xu
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Yilong Xu: University of Heidelberg, Germany

No 339, Economics Series from Institute for Advanced Studies

Abstract: 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.

Keywords: Risk; cognitive ability; selection; time pressure (search for similar items in EconPapers)
JEL-codes: C91 D81 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-exp and nep-upt
Date: 2018-03
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http://www.ihs.ac.at/publications/eco/es-339.pdf First version, 2018 (application/pdf)

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Journal Article: Risk, time pressure, and selection effects (2019) Downloads
Working Paper: Risk, Time Pressure, and Selection Effects (2018) Downloads
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