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Related Concept Videos

Decision Making: P-value Method01:09

Decision Making: P-value Method

The process of hypothesis testing based on the P-value method includes calculating the P- value using the sample data and interpreting it.
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim  is also stated. These statements can act as null and alternative hypotheses:  a null hypothesis would be a neutral statement while the alternative hypothesis can have a...
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Related Experiment Video

Updated: May 21, 2026

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
08:24

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies

Published on: August 25, 2023

Decision making under time pressure, modeled in a prospect theory framework.

Diana L Young1, Adam S Goodie, Daniel B Hall

  • 1Georgia College & State University, Milledgeville, GA 31061, USA.

Organizational Behavior and Human Decision Processes
|June 20, 2012
PubMed
Summary

Time pressure increases risk-taking for potential gains by enhancing attractiveness but not probability judgment. In loss scenarios, time pressure significantly reduces probability discrimination, leading to heightened risk-seeking behavior.

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Area of Science:

  • Cognitive psychology
  • Behavioral economics
  • Decision science

Background:

  • Prospect theory provides a framework for understanding decision-making under risk.
  • Time pressure is a common factor influencing human judgment and choice.
  • Previous research offers mixed findings on the impact of time constraints on risk preferences.

Purpose of the Study:

  • To investigate the influence of time pressure on decision behavior within the prospect theory framework.
  • To examine how time constraints affect risk attractiveness, probability discriminability, and utility assessment.
  • To differentiate the effects of time pressure in gains versus losses domains.

Main Methods:

  • Three experiments were conducted involving participants estimating certainty equivalents for binary bets.
  • Participants assessed gains-only bets and loss-framed bets under varying time pressure conditions.
  • Decision data were statistically modeled to identify underlying psychological mechanisms.

Main Results:

  • Time pressure increased risk attractiveness for gains but did not significantly alter probability discriminability or outcome utility.
  • In the domain of losses, time pressure significantly reduced probability discriminability.
  • Reduced probability discriminability under time pressure was associated with severe risk-seeking behavior in loss scenarios.

Conclusions:

  • Findings offer qualified support for theories predicting increased risk-seeking for gains under time pressure.
  • Time pressure differentially impacts decision-making components, affecting risk attractiveness in gains and probability discrimination in losses.
  • The study highlights the complex interplay between time constraints and risk preferences in prospect theory.