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Several studies report that the brain evaluates prospects and executes decisions as the outcome of two types of mental processes: one described as slow and reflective and the other as fast and intuitive. We investigate how these two mental processes affect risk-taking behaviour in a one-shot decision by using time pressure to establish an intuitive response. We observe that time constraints do not change risk attitudes. Furthermore, it is only when subjects are given ample time to decide and instructed to reflect that they show the well-documented shift of risk preferences across the domain of losses and gains. Our results suggest that framing effects are the result of cognitive processes that become operative when individuals are granted sufficient time to undertake a more comprehensive analysis of decision tasks.
Almeida et al. (Tue,) studied this question.