Psychoeconomics

“Time is Money”: How decision makers find the balance between deciding quickly and deciding correctly

This project is part of the interdisciplinary DFG Research Unit Psychoeconomics: Interacting Decision Processes and Their Consequences for Economic Performance.

The goal of our project is to investigate and model the dynamics of decision making under conflict, where we are especially interested in conflicts that result from interfering dual processes, i.e. from opposite choice tendencies generated by automatic and controlled decision processes, respectively. We are interested in how decision makers resolve such conflicts and how they trade speed for accuracy. For this objective, we will systematically manipulate the speed and accuracy of the decisions by means of deadlines and/or monetary incentives. We expect that under speed pressure decision-makers mainly lower their decision criterion, i.e. come to a decision with less evidence, but largely avoid additional mental effort. In contrast, when they get paid for an optimal performance, then we assume that the decision-makers increase their effort.
Recently, we also investigate value-based decisions.

The project was funded by several grants from the Universität Konstanz and the German Science Foundation (DFG)

Publications

Hübner, R., Druey, M. D., Pelzer, T., & Walle, A. (2021). On the difficulty of overcoming one's accuracy bias for choosing an optimal speed-accuracy tradeoff. Journal of Experimental Psychology: Human Perception and Performance. 47(12), 1604-1620. <doi>

Walle, A., Hübner, R, & Druey, M. D. (2021). Value associations modulate visual attention and response selection. Frontiers in Psychology, 12(1467). <Open Access>

Walle, A., & Druey, M. D. (2021). Beyond Looking for the Rewarded Target: The Effects of Reward on Attention in Search Tasks. Frontiers in Psychology, 12(279). <Open Access>

Florack, A., Egger, M., & Hübner, R. (2020). When products compete for consumer attention: How selective attention affects preferences. Journal of Business Research, 111, 117-127. <Open Access>

Makarina, N., Hübner, R., & Florack, A. (2019). Increased preference and value of consumer products by attentional selection. Frontiers in Psychology, 10(2086). <Open Access>

Dummel, S., & Hübner, R. (2017). Too tasty to be ignored: How individual food preferences affect selective attention. Experimental Psychology, 64, 338-345.<pdf>

Dambacher, M., Haffke, P., Groß, D., & Hübner, R. (2016). Graphs versus numbers: How information format affects risk aversion in gambling. Judgment and Decision Making, 11 (3), 223-242. <pdf>

Dambacher, M., & Hübner, R. (2015). Time pressure affects the efficiency of perceptual processing in decisions under conflict. Psychological Research, 79, 83-94. <pdf>

Dambacher, M., & Hübner, R. (2013). Investigating the speed-accuracy tradeoff: Better use deadlines or response signals? Behavior Research Methods, 45, 702-717. <pdf>

Dambacher, M., Hübner, R., & Schlösser, J. (2011). Monetary incentives in speeded perceptual decision: Effects of penalizing errors versus slow responses. Frontiers in Psychology, 2. <doi>

Hübner, R., & Schlösser, J. (2010). Monetary reward increases attentional effort in the flanker task. Psychonomic Bulletin & Review, 17, 821-826. <pdf>