Risk, time pressure, and selection effects [Dataset]

Time pressure is a central aspect of economic decision making nowadays.
It is therefore natural to ask how time pressure affects decisions, and how to detect
individual heterogeneity in the ability to successfully cope with time pressure. In the
context of risky decisions, we ask whether a person’s performance under time
pressure can be predicted by measurable behavior and traits, and whether such
measurement itself may be affected by selection issues. We find that the ability to
cope with time pressure varies significantly across decision makers, leading to
selected subgroups that differ in terms of their observed behaviors and personal
traits. Moreover, measures of cognitive ability and intellectual efficiency jointly
predict individuals’ decision quality and ability to keep their decision strategy under
time pressure.