How Does Time Pressure Influence Risk Preferences? Answers from a Meta-Analysis

Abstract

Four decades of research into the influences of time pressure on risky decisions have produced widely contrasting findings: 38.5% of the effects indicate that time pressure increases risk preferences, whereas 61.5% show the opposite. A theoretical framework with four conceptual categories of moderators is proposed to explain these heterogeneous findings: nature of the time constraint, negative outcome salience, negative outcome severity, and vulnerability to the outcomes. This framework is tested through a meta-analysis of 213 effect sizes reported in 83 papers, representing 65,574 unique respondents. The four categories of moderators effectively resolve notable conflicts. For example, regar..