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

在第一个融资阶段，我们研究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结果，我们将在第二阶段的三个研究方向中进一步研究。首先，我们发现时间压力、金钱激励以及应对策略不仅会导致决策标准的转变，而且会影响证据积累的效率。这些结果挑战了传统的观点，即速度准确性的权衡是由于决策标准的调制，而证据积累率是不受时间压力和战略因素。在第二阶段，我们将进一步追求的作用，决策标准和证据积累的效率，在基本的感知以及更自然的价值为基础的决策的速度-准确性权衡。第二，第一阶段表明，除了货币回报外，社会激励可以作为优化绩效的强有力的触发器。在第二阶段，我们将直接解决社会反馈，社会竞争和社会比较与货币奖励的影响，我们将研究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。创新的选择时间分布的分析表明，风险偏好的变化与决策时间以及与信息的格式。第二阶段将在一系列重复的彩票赌博任务中，在不同的时间压力和呈现格式下，追求风险决策的时间依赖性。总的来说，本项目的第二个供资期将进一步研究经济选择的时间动态，这在目前的决策理论账户中通常没有得到充分说明。我们将通过行为数据的分布分析来描述这些过程（即，响应时间，错误）以及通过EEG和眼动跟踪。此外，计算序贯抽样模型，特别是双过程账户，将作为推进微观经济理论和心理过程之间联系的关键工具。

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.