Preference reversal in risky choices under time pressure
- Publication Type:
- Conference Proceeding
- Advances in Consumer Research, 2009, 37 pp. 585 - 586 (2)
- Issue Date:
In three studies, we examine the phenomenon that time pressure leads risky decision-making to a reversal of the usual preference. In Study 1, participants with positive (negative) affect were risk-seeking (risk-averse) when there was no time pressure, but adopted risk-averse (risk-seeking) behaviours under time pressure. In Study 2, we show that it is the salience of negative information under time pressure that mediates the preference reversal. In Study 3, participants with a promotion (prevention) focus preferred prevention- (promotion-) framed and safer (riskier) choices under time pressure. Results suggest that, under time pressure, individuals tend to reverse their risk preferences, with consequences in everyday decision-making.
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