Differential effects of prior outcomes and pauses on the speed and quality of risky choices

Abstract

AbstractFailures to obtain rewards influence what people choose to do next and how quickly they execute a chosen action, which are two components of motivated behavior. For instance, in risky decisions, losses can induce faster responses and sometimes increase risk‐taking, which may lead to detrimental consequences in some situations (such as gambling). Pauses might reduce these motivational influences of prior outcomes. To examine this question, participants alternated between a guess game, in which they won or lost money, and a choice game, in which they chose between a high probability of winning a small amount of money and a low probability of winning a large amount of money. The pause between a guess and a choice game was made either short (0 or 300 ms) or long (3000 ms). In four experiments, prior outcomes consistently influenced decision speed, such that people chose faster after a loss than after a win. However, prior outcomes did not consistently influence people's choices. In contrast, pauses increased decision quality, such that participants chose the option with a higher expected value more often, without substantially reducing decision speed. Pauses may improve decision quality by influencing predecisional attention allocation to relevant information, as its effect was absent when the overall task attention was high (Experiment 3). These findings have implications for both safer gambling and risky decision research. Future work can examine the underlying computational and cognitive processes and the generalizability of these findings to other contexts and populations.