Tempus Fugit: Time Pressure in Risky Decisions [Dataset] (ICPSR doi:10.11588/data/10006)

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Document Description

Citation

Title:

Tempus Fugit: Time Pressure in Risky Decisions [Dataset]

Identification Number:

doi:10.11588/data/10006

Distributor:

heiDATA

Date of Distribution:

2014-06-20

Version:

2

Bibliographic Citation:

Kocher, Martin G.; Pahlke, Julius; Trautmann, Stefan T., 2014, "Tempus Fugit: Time Pressure in Risky Decisions [Dataset]", https://doi.org/10.11588/data/10006, heiDATA, V2

Study Description

Citation

Title:

Tempus Fugit: Time Pressure in Risky Decisions [Dataset]

Identification Number:

doi:10.11588/data/10006

Authoring Entity:

Kocher, Martin G.

Pahlke, Julius

Trautmann, Stefan T. (Alfred-Weber-Institute of Economics)

Producer:

Kocher, Martin G.

Pahlke, Julius

Trautmann, Stefan T.

Date of Production:

2013

Distributor:

heiDATA

Date of Distribution:

2014-06-20

Study Scope

Keywords:

Social Sciences, time pressure, risk aversion, loss aversion, gain seeking, aspiration levels

Abstract:

We study the effects of time pressure on risky decisions for pure gain prospects, pure loss prospects, and mixed prospects involving both gains and losses. In two experiments we find that time pressure has no effect on risk attitudes for gains, but increases risk aversion for losses. For mixed prospects, subjects become simultaneously more loss averse and more gain seeking under time pressure, depending on the framing of the prospects. The results suggest the importance of aspiration levels, and thus the overall probability to break even, under time pressure. We discuss the implications of our findings for decision-making situations that involve time pressure.

Methodology and Processing

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do_experiment2.do

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onlinematerial_MS-FINAL.pdf

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experimental instructions

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ReadmeData.pdf

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timepressMSdata.xlsx

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