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The effect of fast and slow decisions on risk taking.

ABSTRACT: We experimentally compare fast and slow decisions in a series of experiments on financial risk taking in three countries involving over 1700 subjects. To manipulate fast and slow decisions, subjects were randomly allocated to responding within 7 seconds (time pressure) or waiting for at least 7 or 20 seconds (time delay) before responding. To control for different effects of time pressure and time delay on measurement noise, we estimate separate parameters for noise and risk preferences within a random utility framework. We find that time pressure increases risk aversion for gains and risk taking for losses compared to time delay, implying that time pressure increases the reflection effect of Prospect Theory. The results for gains are weaker and less robust than the results for losses. We find no significant difference between time pressure and time delay for loss aversion (tested in only one of the experiments). Time delay also leads to less measurement noise than time pressure and unconstrained decisions, and appears to be an effective way of decreasing noise in experiments.

SUBMITTER: Kirchler M

PROVIDER: S-EPMC5486903 | biostudies-literature | 2017

REPOSITORIES: biostudies-literature

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The effect of fast and slow decisions on risk taking.

Kirchler Michael M Andersson David D Bonn Caroline C Johannesson Magnus M Sørensen Erik Ø EØ Stefan Matthias M Tinghög Gustav G Västfjäll Daniel D

Journal of risk and uncertainty 20170607 1

We experimentally compare fast and slow decisions in a series of experiments on financial risk taking in three countries involving over 1700 subjects. To manipulate fast and slow decisions, subjects were randomly allocated to responding within 7 seconds (time pressure) or waiting for at least 7 or 20 seconds (time delay) before responding. To control for different effects of time pressure and time delay on measurement noise, we estimate separate parameters for noise and risk preferences within a ...[more]

PMID: 28725117

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Project description:BackgroundWhile different ways of presenting treatment effects can affect health care decisions, little is known about which presentations best help people make decisions consistent with their own values. We compared six summary statistics for communicating coronary heart disease (CHD) risk reduction with statins: relative risk reduction and five absolute summary measures-absolute risk reduction, number needed to treat, event rates, tablets needed to take, and natural frequencies.Methods and findingsWe conducted a randomized trial to determine which presentation resulted in choices most consistent with participants' values. We recruited adult volunteers who participated through an interactive Web site. Participants rated the relative importance of outcomes using visual analogue scales (VAS). We then randomized participants to one of the six summary statistics and asked them to choose whether to take statins based on this information. We calculated a relative importance score (RIS) by subtracting the VAS scores for the downsides of taking statins from the VAS score for CHD. We used logistic regression to determine the association between participants' RIS and their choice. 2,978 participants completed the study. Relative risk reduction resulted in a 21% higher probability of choosing to take statins over all values of RIS compared to the absolute summary statistics. This corresponds to a number needed to treat (NNT) of 5; i.e., for every five participants shown the relative risk reduction one additional participant chose to take statins, compared to the other summary statistics. There were no significant differences among the absolute summary statistics in the association between RIS and participants' decisions whether to take statins. Natural frequencies were best understood (86% reported they understood them well or very well), and participants were most satisfied with this information.ConclusionsPresenting the benefits of taking statins as a relative risk reduction increases the likelihood of people accepting treatment compared to presenting absolute summary statistics, independent of the relative importance they attach to the consequences. Natural frequencies may be the most suitable summary statistic for presenting treatment effects, based on self-reported preference, understanding of and satisfaction with the information, and confidence in the decision.Clinical trials registrationISRCTN85194921.

Project description:This study evaluated the effects of muscle fiber characteristics on meat quality traits in 45 female fast- and slow-growing ducks. Three duck breeds at typical market ages were selected and slaughtered, including fast-growing ducks (Cherry Valley duck) and slow-growing ducks (Small-sized Beijing duck and Liancheng White duck). M. pectoralis major (PM), m. soleus (SOL), m. gastrocnemius (GAS) and m. extensor digitorum longus (EDL) were used to assess muscle fiber characteristics as well as meat quality properties. The results showed that the fiber compositions in PM, GAS, and EDL muscles only consisted of fast-twitch fibers irrespective of the breeds, while a low percentage of slow-twitch fibers were observed in slow-growing ducks (17.03% and 29.14%). The significant clear differences of fiber diameter, fiber density and fiber cross-sectional area (CSA) was observed among three duck breeds. Small-sized Beijing ducks had the highest diameter and cross-sectional fiber area coupled with a dramatically lowest fiber density when compared to other 2 breeds both in breast and leg muscles. In addition, the meat quality traits such as moisture content, release water, and intramuscular fat content were significantly affected by the breeds. Slow-growing ducks, especially Liancheng White ducks, exhibited higher release water, intramuscular fat content, as well as lower moisture content (P < 0.05) compared to the fast-growing ducks. The lower pH24 h value and shear force tended to be present in breast of Liancheng White ducks (P < 0.05). The higher protein content and collagen content were detected in breast of Liancheng White ducks and the leg muscle of Small-sized Beijing ducks (P < 0.05), respectively. Finally, the correlation coefficients between muscle fiber characteristics and meat quality showed that the diameter, density and CSA of fibers had a moderate or significant correlation with pH, shear force value, moisture content, and protein content of meat in fast-growing ducks. In slow-growing ducks, muscle fiber characteristics had a moderate or significant correlation with pH, shear force value, release water, protein content, and intramuscular fat content of meat. These results indicated that muscle fiber characteristics is a useful parameter to explain in parts the variation of meat quality including pH, shear force value, and protein content of meat, both in slow-growing ducks and fast-growing ducks.

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The effect of fast and slow decisions on risk taking.

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The effect of fast and slow decisions on risk taking.

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