{"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/"}]}