Mindset theory has found that the deliberative and implemental mindset have different effects on information search, the time spent on decision making, and decision outcomes. We conducted an eye-tracking study to test these assumptions using a paradigm on decision behavior in lottery choices by Glöckner and Herbold (2011). While major effects of that article were replicated, mindsets also affected information search. Overall, position was the dominant factor in information search for all participants, and decision times increased in relation to the level of difficulty. However, a significant interaction between level of difficulty and mindset indicated that implemental participants used significantly longer decision times and more fixations than deliberative participants at the most difficult level of decision making. This had no effect on decisions. We conclude that decisions on lottery choices are very robust and that mindsets influence decision processes. Achievement motivation is discussed as a possible explanation for the increased effort in information search in difficult decisions in the implemental mindset. In an exploratory analysis, self-reported decision strategies were analyzed, finding a strong focus on risk avoidance in both mindsets.

Identifying the optimal level of risk taking is an important skill to maximize gains. We tested the potential of the deliberative and implemental mindsets to optimize risk taking to maximize profits, using an incentivized ring toss game. Participants in an implemental mindset showed a dynamic risk-taking pattern and earned higher profits than did participants in the deliberative mindset and the control condition. Also, monetary incentives motivated participants in the deliberative mindset to overcome low expectancies of success; by choosing low risks but achieving high hit rates, deliberative participants' profits were comparable to those in the control group. Gender influenced risk taking but not profits, demonstrating overconfidence in men and underconfidence in women. An increase in achievement motivation in the mindsets, temporal dynamics, and the role of incentives are discussed as possible explanations for these observations.

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