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information in the form of a random sample size to be drawn from an urn containing a total of 100
marbles, some of them black and some of them white (as information systems). The urn was selectable
from a set of 10 urns and the ratio of black to white marbles in the selected urn was unknown to the
participants. They only knew that out of the 10 urns, 2 of them contained 90 black and 10 white
marbles, 4 urns contained 70 black and 30 white marbles, 3 urns contained 50 black and 50 white
marbles, and 1 urn contained 30 black and 70 white marbles. After specifying a random sample size,
the marbles were shown to a simulated decision maker, executed through a computer, and programmed
with either a Bayesian or a conservative decision model. Based on the sample results and its prior
probability assessments, the simulated decision maker estimated the ratio of black to white marbles in
that urn. The optimal information system for the Bayesian model comprised 16 marbles and, for the
conservative model, the sample size was 24 marbles. The participants were provided with a budget of
$3.00, and the cost for sampling a marble was $0.01. In the case of a decision maker making a correct
decision, each participant received $0.50 less the cost for the marbles in the specified sample. In the
case of a decision maker making an incorrect decision, each participant lost $0.50 plus the cost of the
marbles in the specified sample. However, this study was not primarily interested in the amount of
information acquired. It was more interested in discovering whether the participants were able to
choose an optimal information system for the decision maker, i.e. if he / she specified the sample size
in accordance with the normative theory of information evaluation. Overall, there was no significant
convergence on the optimal number of marbles with the decision models. Moreover, participants
specified smaller sample sizes than optimal for the conservative model. In the present study, we aim to
identify contextual factors that influence acquisition behavior rather than the way in which people
deviate from an optimal information level.
2.2 Time pressure and its effects on decision-making
Time pressure plays a crucial role in information acquisition and decision-making (e.g., Payne et
al., 1988) and is often induced through the imposition of severe time restrictions within the decision-
making process. Overall, much of the previous research explored the effects of time pressure on
information processing (for a review, see Lallement, 2010). In particular, the following phenomena
play a role when processing information under time pressure: individuals accelerate the decision
process, pay more attention to negative information, and may selectively screen information since they
are focusing on aspects they regard as being important (Ben Zur and Breznitz, 1981; Wright, 1974).
For example, in the experiment by Mann and Tan (1993), participants were confronted with a decision
dilemma. Before making a choice between two options, they had the possibility to inspect information
sequentially in an information booklet. Results show that participants who were pressed for time read
less information in the booklet because they focused on information that they perceived as being
important.
Apart from the effects of time pressure on information processing in general, studies highlight its
negative effects, the fact that it influences individuals differently and they outline its positive effects as
well. Time restrictions leading to time pressure are often seen as factors that increase task complexity
or difficulty (e.g., Chernev et al., 2015). Furthermore, it is assumed that individuals under time pressure
tend to disregard relevant aspects and to use heuristic methods (e.g., Kruglanski and Freund, 1983).
Besides these assumptions, time pressure may lead to disruptions because the remaining time is
inspected visually (Mann and Tan, 1993) and has been found to lead to lower decision performance
(e.g., De Paola and Gioia, 2016). In addition to this, it is common sense that perceived time pressure
induces stress (e.g., Keinan et al., 1987). Importantly, Conte et al. (2015) argue that when time pressure
is present, the performance of the majority of individuals may be negatively affected but not of all of
them. This finding is also supported by the study results of Kocher et al. (2019), who, in risky decision-
making tasks, found that individuals with the ability to cope with time restrictions perform differently
when perceiving time pressure from those individuals without this ability. Apart from these negative
time pressure effects dependent on individual traits, Lindner and Rose (2017) found that time pressure
leads to less present-bias, which means that individuals pay more attention to the amount of payment
instead of the immediateness of the decision. Additionally, Ordóñez et al. (2015) infer from the
literature that people work more smartly when a deadline is in place, thereby increasing efficiency.
The dual-system approach (Kahneman and Frederick, 2002; Stanovich and West, 2000) can help
us to understand how time pressure impacts decision-making. It assumes that two systems of
information processing and decision-making exist. These are defined, in particular, due to their
characteristics of rapidity and controllability (Kahneman and Frederick, 2002). System 1 is described
by traits such as automatic, intuitive, or fast. In contrast, System 2 is characterized by traits such as
controlled, deliberative, or slow. The interaction of the two systems is described in the literature as
follows: System 1 suggests intuitive solutions immediately, while System 2 monitors and, if necessary,