Arbeitspapier
Speed, quality, and the optimal timing of complex decisions: Field evidence
This paper presents an empirical investigation of the relation between decision speed and decision quality for a real-world setting of cognitively-demanding decisions in which the timing of decisions is endogenous: professional chess. Move-by-move data provide exceptionally detailed and precise information about decision times and decision quality, based on a comparison of actual decisions to a computational benchmark of best moves constructed using the artificial intelligence of a chess engine. The results reveal that faster decisions are associated with better performance. The findings are consistent with the predictions of procedural decision models like drift-diffusion-models in which decision makers sequentially acquire information about decision alternatives with uncertain valuations.
- Language
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Englisch
- Bibliographic citation
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Series: Discussion Paper ; No. 317
- Classification
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Wirtschaft
Microeconomic Behavior: Underlying Principles
- Subject
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Response Times
Speed-Performance Profile
Drift-Diffusion Model
Uncertain Evaluations
- Event
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Geistige Schöpfung
- (who)
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Strittmatter, Anthony
Sunde, Uwe
Zegners, Dainis
- Event
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Veröffentlichung
- (who)
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Ludwig-Maximilians-Universität München und Humboldt-Universität zu Berlin, Collaborative Research Center Transregio 190 - Rationality and Competition
- (where)
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München und Berlin
- (when)
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2022
- Handle
- Last update
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10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Strittmatter, Anthony
- Sunde, Uwe
- Zegners, Dainis
- Ludwig-Maximilians-Universität München und Humboldt-Universität zu Berlin, Collaborative Research Center Transregio 190 - Rationality and Competition
Time of origin
- 2022
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