Risk-Seeking Under Time Pressure: From an Information Load Perspective

Abstract

Decision theory has made many additions in the field of risk-behavior. For this paper, we will specifically look at risk-seeking under time pressure, when the information aspect is varied. Subjects took part in a time-constrained in-class experiment to find out if increasing the information amount related to a risky decision (gamble), would increase their risk-seeking behavior. The time aspect was fixed for all subjects, but the information varied. Participants were also asked to report their perceived stress level and to fill in a select few questions from the DOSPERT-scale to assess their over-all risk behavior. No effect could be found in the risk behavior of participants when the information load was increased. Subjects tended to choose the highest paying gamble in both the treatment and control group, which does not support our hypothesis. Nor could any reported increase in stress from the increased information amount load be observed.