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{
    "pk": 28687,
    "title": "Sample-based Variant of Expected Utility Explains Effects of Time Pressure andIndividual Differences in Processing Speed on Risk Preferences",
    "subtitle": null,
    "abstract": "While previous models of economic decision-making offer de-scriptive accounts of behavior, they often overlook the com-putational complexity of estimating expected utility. Here,we seek to understand how both environmental and individualconstraints on cognition shape our daily decision. Informedby the predictions of a recently-proposed resource-rationalprocess model of risky choice, sample-based expected utility(SbEU; Nobandegani, da Silva Castanheira, Otto, & Shultz,2018), we reveal that both time pressure and individual dif-ferences in processing speed have a convergent effect on riskpreferences during a risky decision-making task. Under severetime constraints, participants’ risk preferences manifested astrong framing effect compared to little time pressure in whichchoice adhered to the classic fourfold pattern of risk prefer-ences. Similarly, individual differences in processing speed,measured using an established task, predicted similar effectsupon risk attitudes as extrinsic time pressure. These findingsreveal a converging contribution of environmental and individ-ual limitations on risky choice, and provide empirical supportfor SbEU as a resource-rational process model of risky deci-sion making. Notably, SbEU serves as a single-process modelof two well-established biases, and the transition between thetwo, in risky choice.",
    "language": "eng",
    "license": {
        "name": "",
        "short_name": "",
        "text": null,
        "url": ""
    },
    "keywords": [
        {
            "word": "Behavioral economics; Risky decision-making;Time pressure; Processing speed; resource-rational processmodels"
        }
    ],
    "section": "Papers with Poster Presentations",
    "is_remote": true,
    "remote_url": "https://escholarship.org/uc/item/4tf7b6bw",
    "frozenauthors": [
        {
            "first_name": "Kevin",
            "middle_name": "da Silva",
            "last_name": "Castanheira",
            "name_suffix": "",
            "institution": "McGill University",
            "department": ""
        },
        {
            "first_name": "Ardavan",
            "middle_name": "S.",
            "last_name": "Nobandegani",
            "name_suffix": "",
            "institution": "McGill University",
            "department": ""
        },
        {
            "first_name": "A. Ross",
            "middle_name": "",
            "last_name": "Otto",
            "name_suffix": "",
            "institution": "McGill University",
            "department": ""
        }
    ],
    "date_submitted": null,
    "date_accepted": null,
    "date_published": "2019-01-01T18:00:00Z",
    "render_galley": null,
    "galleys": [
        {
            "label": "PDF",
            "type": "pdf",
            "path": "https://journalpub.escholarship.org/cognitivesciencesociety/article/28687/galley/18558/download/"
        }
    ]
}