The effect of time pressure on risky choice behavior

Zur, Hasida Ben; Breznitz, Shlomo

doi:10.1016/0001-6918(81)90001-9

Cited by 423 publications

(227 citation statements)

References 12 publications

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“…As we found in Study 2, a cap on response time increased adherence to the recognition heuristic. This result, however, does not simply echo the frequent observation that under time pressure people appear to pay increased attention to the more important attributes in a decision context (e.g., Ben Zur & Breznitz, 1981;Böckenholt & Kroeger, 1993;Kerstholt, 1995;Payne, Bettman, & Johnson, 1988;Wallsten & Barton, 1982). In our view, the reason people make more use of the recognition heuristic under a limited response-time budget is that the retrieval of recognition information precedes that of other pieces of information and requires little to no cognitive effort.…”

Section: Under What Conditions Do People Use the Recognition Heuristic?contrasting

confidence: 65%

On the psychology of the recognition heuristic: Retrieval primacy as a key determinant of its use.

Pachur¹,

Hertwig²

2006

Journal of Experimental Psychology: Learning, Memory, and Cogni

106

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The recognition heuristic is a prime example of a boundedly rational mind tool that rests on an evolved capacity, recognition, and exploits environmental structures. When originally proposed, it was conjectured that no other probabilistic cue reverses the recognition-based inference (D. G. Goldstein & G. Gigerenzer, 2002). More recent studies challenged this view and gave rise to the argument that recognition enters inferences just like any other probabilistic cue. By linking research on the heuristic with research on recognition memory, the authors argue that the retrieval of recognition information is not tantamount to the retrieval of other probabilistic cues. Specifically, the retrieval of subjective recognition precedes that of an objective probabilistic cue and occurs at little to no cognitive cost. This retrieval primacy gives rise to 2 predictions, both of which have been empirically supported: Inferences in line with the recognition heuristic (a) are made faster than inferences inconsistent with it and (b) are more prevalent under time pressure. Suspension of the heuristic, in contrast, requires additional time, and direct knowledge of the criterion variable, if available, can trigger such suspension.

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Section: Under What Conditions Do People Use the Recognition Heuristic?contrasting

confidence: 65%

On the psychology of the recognition heuristic: Retrieval primacy as a key determinant of its use.

Pachur¹,

Hertwig²

2006

Journal of Experimental Psychology: Learning, Memory, and Cogni

106

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show abstract

“…There was a general consensus about a negative effect of time pressure on JDM (Peterson & Maher, 1976;Anderson, 1976;Schuler, 1980;Ben Zur & Breznitz, 1981;Choo, 1986;McDaniel, 1990;Glover, 1997;Brown, 1999;Asare et al, 2000;Tortman et al, 2011). Our study findings did not shift from this trend.…”

Section: Discussionmentioning

confidence: 99%

“…Evidence suggests that auditors" judgments are affected when dealing with risky or important decisions under the effect of time pressure, as they tend to choose less risky decisions than auditors with more available time (Ben Zur & Breznitz, 1981;Diaz 2005). Correspondingly, Sevenson and Edland (1987) argue that auditors will tend to focus on the most critical areas of the client"s account when time pressure is present.…”

Section: Mental Model For Ssamentioning

confidence: 99%

Audit Structure, Time Pressure and Judgment Accuracy: A Comparison between Strategic System Audit and Traditional Audit

Abuaddous¹,

Hanefah²,

Laili³

2015

IJEF

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The development of audit practice is a continuous process. The strategic system audit (SSA) method is a quite recent audit procedure that represents a complete shift from old audit techniques as it relies on assessing the client"s business risk using a top-down rather than a bottom-up (traditional) approach. Previous studies focused on the effectiveness of SSA in performing audit. In addition, previous studies did not rule out the role of auditors" experience in an experimental procedure that compares between the two methods. Moreover, the effect of time pressure on auditors" "JDM" effectiveness under Traditional Audit (TA) and SSA during the orientation phase is still lacking in the literature. Using expert auditors as a benchmark and 81 master degree students, a2x2 factorial design experiment and a Mann-Whitney U test show that auditors under SSA method issue a more effective audit assessment than under TA in the absence or presence of time pressure.

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“…Specifically, under TP, consumers tend to: (a) process information faster (e.g., Ben-Zur & Breznitz, 1981), (b) filter information (Miller, 1960), choose products using heuristics (Hamlin, 2010;Pachur & Hertwig, 2006;Scheibehenne, Miesler, & Todd, 2007;Suri & Monroe, 2003), but (c) accomplish high utility choices (Kocher & Sutter, 2006). Moreover, high utility choices may be achieved by focusing in some of the attributes (e.g., Wright, 1974) while ignoring some options in the assortment (Beach, 1993) or by using lexicographic strategies (Rieskamp & Hoffrage, 2008), such as deciding upon more visual than textual information (Pieters & Warlop, 1999).…”

Section: Overviewmentioning

confidence: 99%

Under Pressure: An Integrative Perspective of Time Pressure Impact on Consumer Decision-Making

Godinho

Prada

Garrido

2016

Journal of International Consumer Marketing

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The effect of time pressure on risky choice behavior

Cited by 423 publications

References 12 publications

On the psychology of the recognition heuristic: Retrieval primacy as a key determinant of its use.

On the psychology of the recognition heuristic: Retrieval primacy as a key determinant of its use.

Audit Structure, Time Pressure and Judgment Accuracy: A Comparison between Strategic System Audit and Traditional Audit

Under Pressure: An Integrative Perspective of Time Pressure Impact on Consumer Decision-Making

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