"Time is Money": How Decision Makers Find the Balance Between Deciding Quickly and Deciding Correctly

在第一个筹资阶段，我们调查了时间压力和货币激励对决策过程的影响。我们的项目揭示了三个关键成果，我们将在第二阶段的三个研究线索中进一步检验这些成果。首先，我们发现时间压力、货币激励以及应对策略不仅会导致决策标准的转变，而且还会影响证据积累的效率。这些结果挑战了传统的观点，即速度和精度的权衡只是由于决策标准的调整，而证据积累速度不受时间压力和战略因素的影响。在第二阶段，我们将进一步追求决策标准的作用和证据积累的效率，以在基本感知和更自然的基于价值的决策中进行速度和精度的权衡。第二，第一阶段显示，除了金钱回报之外，社会激励也可以作为优化绩效的强大触发因素。在第二阶段，我们将直接讨论社会反馈、社会竞争和社会比较对金钱奖励的影响，并考察货币和社会框架对决策过程的影响。第三，我们在第一阶段开始研究经济彩票赌博中的风险决策。对选择时间分布的创新分析表明，风险偏好随着决策时间和信息呈现形式的变化而变化。第二阶段将在时间压力和不同呈现形式下，在一系列重复的彩票赌博任务中追求风险决策的时间依赖性。总体而言，本项目的第二个资金期将进一步审查经济选择的时间动态，目前的决策理论账户通常没有具体说明这一点。我们将通过对行为数据的分布分析(即响应时间、错误)以及通过脑电和眼球跟踪来描述这些过程。此外，计算性序贯抽样模型，特别是双重过程账户，将成为推动微观经济理论与心理过程之间联系的目标的关键工具。

In the first funding phase, we investigated effects of time pressure and monetary incentives on decision processes. Our project revealed three key results, which we will further examine in three research strands of the second phase. First, we found that time pressure, monetary incentives as well as response strategies not only lead to shifts of decision criteria, but also affect the efficiency of evidence accumulation. These results challenge the traditional view that speed-accuracy tradeoffs are due only to modulations of decision criteria, whereas evidence accumulation rates are insusceptible to time pressure and strategic factors. In the second phase, we will further pursue the role of decision criteria and the efficiency of evidence accumulation for speed-accuracy tradeoffs in basic perceptual as well as in more naturalistic value-based decisions. Second, the first phase revealed that, in addition to monetary payoffs, social incentives can serve as strong trigger to optimize performance. In the second phase, we will directly address influences of social feedback, social competition, and social comparison in relation to monetary rewards, and we will examine effects of monetary and social framing on decision processes. Third, we started to study decisions under risk in economic lottery gambles in the first phase. Innovative analyses of choice-time distributions revealed that risk preference changes with decision time as well as with the format in which information is presented. The second phase will pursue the time dependence of risky decisions in a series of repeated lottery gambling tasks under time pressure and under different presentation formats. Overall, the second funding period of this project shall further examine the temporal dynamics of economic choices, which are usually underspecified in current decisiontheoretic accounts. We will delineate these processes via distributional analyses of behavioral data (i.e., response times, errors) as well as via EEG and eye tracking. In addition, computational sequential sampling models, and in particular dual process accounts, will serve as key tools for the goal to advance the link between microeconomic theories and psychological processes.