Decision Sciences
5 years ago

Deliberation reduces pessimism in decision-making, especially for unknown probabilities.

Journal of the Economic Science Association
Additional deliberation reduces pessimism: evidence from the double-response method
Katarzyna Gawryluk, Michał Krawczyk

Paper Summary

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Deliberating more before making decisions can make people less pessimistic about uncertain outcomes. In a study, participants were asked to quickly evaluate lotteries and then given time to rethink their choices. The results showed that taking extra time to think reduced pessimism, especially for lotteries with unknown probabilities.