Time is Money - Time Pressure, Incentives, and the Quality of Decision-Making
Time is Money - Time Pressure, Incentives, and the Quality of Decision-Making
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DOI：
10.2139/ssrn.505242
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发表时间：
2004-01
期刊：
影响因子：
--
通讯作者：
M. Kocher;Matthias Sutter
中科院分区：
文献类型：
--
作者：
M. Kocher;Matthias Sutter
Many decisions in economics and finance have to be made under severe time pressure. Furthermore, payoffs frequently depend on the speed of decision-making, as, for instance, when buying and selling stocks. In this paper, we examine the influence of time pressure and time-dependent incentive schemes on the quality of decision-making in an experimental beauty-contest game. We find that convergence to equilibrium is faster and payoffs are higher under low time pressure than under high time pressure. Interestingly, time-dependent payoffs under high time pressure lead to significantly quicker decision-making without reducing the quality of decisions.
