Article 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, regarding the nature of the time constraint, an absolute versus relative constraint increases risk preferences, but an ambiguous versus objective constraint decreases risk preferences. In terms of negative outcome salience, risk preferences decrease if the risk is learned about from a description (vs. experience) or the outcome is framed as a loss (vs. gain). Negative outcome severity also exerts an effect, as discrete choices lower risk preferences compared with attitudinal risk. In addition to managerial and public policy implications based on simulations, a comprehensive research agenda that builds on the robust insights of this meta-analysis is offered.
Journal of Consumer Research, April 2024
About the researcher
Alex Belli is a Senior Lecturer (Assistant Professor) in Marketing at The University of Melbourne. He completed his PhD at the University of Technology Sydney (UTS) in 2019, and since 2014 he has been working as a lecturer and workshop facilitator across five Australian Universities, including UTS, the University of Adelaide, and Macquarie University.
His research has been featured in the Journal of Consumer Research, the Journal of Consumer Psychology, the Journal of the Academy of Marketing Science, the Journal of Business Ethics, and Psychology & Marketing, among others. His research interests include consumer choice, judgement and decision making, consumer wellbeing, interpersonal relationships, and promotional strategies.
Dr Belli was nominated Emerging Researcher of the Year at the Adelaide Business School in 2022 and received two accolades for Outstanding Academic Achievement in 2021 and 2022.
His passion for teaching has been formally acknowledged by two Universities over the years, with a Higher Commendation for Teaching at UTS in 2018 and a Student-led award at Macquarie University in 2017. He also received the Emerging Marketing Educator of the Year 2022 award from Australian and New Zealand Marketing Academy (ANZMAC).