Time Pressure and Payoff Effects on Multidimensional Probabilistic Inference
Beginning with Miller (1960), numerous authors (e.g., Ben Zur & Breznitz, 1981; Maule & Mackie, 1990; Payne, Bettman, & Johnson, 1988; Svenson & Edland, 1987) have distinguished the possible effects of time pressure on decision processes on the assumption that a given decision requires a sequence of mental steps prior to its execution. Most authors have considered four possible time pressure effects. One, termed acceleration, is that processing does not fundamentally change, but rather, each step is simply accelerated under a deadline. A second, termed filtering, is that the processing sequence is altered so that only the most important subset of the information is attended to or handled prior to the decision. Third, the decision maker may select strategies that are appropriate for the available time. Although not generally pointed out, these latter two alternatives are not mutually exclusive. That is, strategies under time pressure may focus on only the most important facets of the information whereas those in the absence of time pressure may utilize the available information more completely. The fourth possibility is that time pressure has no effect on the strategic aspects of information processing. Rather, the person simply stops processing when the time is up and makes a decision.
KeywordsTime Pressure Probabilistic Inference Risky Choice Confidence Estimate Perceptual Salience
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