期刊
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION
卷 61, 期 3, 页码 375-392出版社
ELSEVIER
DOI: 10.1016/j.jebo.2004.11.013
关键词
quality of decision-making; time pressure; incentives; beauty-contest experiment
类别
Many decisions in economics and finance have to be made under severe time pressure. Furthermore, payoffs frequently depend on the speed of decision-making, as, for instance, when buying and selling stocks. In this paper, we examine the influence of time pressure and time-dependent incentive schemes on the quality of decision-making in an experimental beauty-contest game. We find that convergence to equilibrium is faster and payoffs are higher under low time pressure than under high time pressure. Interestingly, time-dependent payoffs under high time pressure lead to significantly quicker decision-making without reducing the quality of decisions. (c) 2005 Elsevier B.V. All rights reserved.
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