Adam Smith Business School

Dr Konstantinos Georgalos, Lancaster University

"Disentangling the Effects of Time Pressure on Risk Attitudes"
Wednesday, 05 March 2025. 13:00-14:00
Room 141A, Adam Smith Business School

Abstract

While risky decision-making under time pressure has received significant attention in the literature, its impact on risk attitudes remains poorly understood. Using a revealed preference approach, we conduct an experiment in which participants make choices from linear convex budgets under risk, both with and without time pressure. Through structural analysis within the Rank-Dependent Utility (RDU) framework, we disentangle the effects of time pressure into three components: utility curvature, probability weighting, and decision-making noise (choice consistency). We then examine how these components correlate with various demographic and personality traits. Finally, using nonparametric methods, we assess how time pressure influences the rationalizability of decision-making across the two conditions.

Bio

Konstantinos is a Senior Lecturer in Behavioural and Experimental Economics at Lancaster University and the Director of the Lancaster Experimental Economics Laboratory (LExEL). His research explores decision-making under risk and ambiguity beyond the Expected Utility framework, with a particular focus on dynamic choice, belief formation and updating, learning models, strategic interaction (behavioural game theory), and group decision-making. He specializes in the estimation of structural models of choice, employing both Classical (MLE, SMLE) and Bayesian methods. Recently, his work has expanded to examine the potential of machine learning techniques in identifying and predicting behaviour.

---

For further information, please contact business-seminar-series@glasgow.ac.uk.

We foster a positive and productive environment for seminars through our Code of conduct.

First published: 27 February 2025