Project Title
Exploring the Effect of Time Pressure on Decision-Making and Outcome Recipients
Faculty Mentor(s) Name(s)
Dr. Diana Young
Abstract
Decision-making research focuses primarily on the self. However, less is known about how people make decisions on behalf of others. Another factor that may influence one’s decision-making is time pressure. Due to increased framing effects with time pressure, some studies show that individuals display increased risk aversion in gain situations and increased risk-taking in loss situations, while some studies show that risk-taking decreases with increased time pressure. The present study’s goal is to examine how decision-making changes in relation to choices made based on outcome recipients, self or others, pertaining to time pressure. In this mixed factorial research design, participants completed a series of 20 randomized trials, with or without a time constraint of seven seconds. In these trials, participants decide whether to accept or reject gambles on behalf of either themselves or others. All trials were presented in a gain or loss frame, and each gamble was fair with p(win)=0.50). Given the nature of the limited and conflicting research, we are investigating potential interactions between time pressure, outcome recipient, and framing effects.
Exploring the Effect of Time Pressure on Decision-Making and Outcome Recipients
Decision-making research focuses primarily on the self. However, less is known about how people make decisions on behalf of others. Another factor that may influence one’s decision-making is time pressure. Due to increased framing effects with time pressure, some studies show that individuals display increased risk aversion in gain situations and increased risk-taking in loss situations, while some studies show that risk-taking decreases with increased time pressure. The present study’s goal is to examine how decision-making changes in relation to choices made based on outcome recipients, self or others, pertaining to time pressure. In this mixed factorial research design, participants completed a series of 20 randomized trials, with or without a time constraint of seven seconds. In these trials, participants decide whether to accept or reject gambles on behalf of either themselves or others. All trials were presented in a gain or loss frame, and each gamble was fair with p(win)=0.50). Given the nature of the limited and conflicting research, we are investigating potential interactions between time pressure, outcome recipient, and framing effects.