000201285 001__ 201285
000201285 005__ 20181203023603.0
000201285 0247_ $$2doi$$a10.1093/rof/rft013
000201285 022__ $$a1572-3097
000201285 02470 $$2ISI$$a000337077100005
000201285 037__ $$aARTICLE
000201285 245__ $$aRisk and Reward Preferences under Time Pressure
000201285 260__ $$bOxford Univ Press$$c2014$$aOxford
000201285 269__ $$a2014
000201285 300__ $$a24
000201285 336__ $$aJournal Articles
000201285 520__ $$aFinancial decision making under time pressure, though ubiquitous, is poorly understood; classical and behavioral finance are silent about the time required for a decision to be made. In an experiment, calibrating allowable decision times to 1, 3, and 5 s, we find that classical moment-based preferences reflect time-invariant sensitivity to expected reward, purchase impulsiveness under extreme time pressure, and decreased aversion to variance and increased aversion to skewness with decision time. These timevarying sensitivities translate into increased probability distortions and decreased risk aversion for gains under prospect theory (PT). Strikingly, moment-based theory provides a better fit than PT.
000201285 700__ $$0244316$$g180075$$uEcole Polytech Fed Lausanne, CH-1015 Lausanne, Switzerland$$aNursimulu, Anjali D.
000201285 700__ $$aBossaerts, Peter$$g181386$$0241931
000201285 773__ $$j18$$tReview Of Finance$$k3$$q999-1022
000201285 909C0 $$xU11813$$0252272$$pSFI-PB
000201285 909CO $$pCDM$$particle$$ooai:infoscience.tind.io:201285
000201285 937__ $$aEPFL-ARTICLE-201285
000201285 973__ $$rREVIEWED$$sPUBLISHED$$aEPFL
000201285 980__ $$aARTICLE