How individual differences in knowledge over-/underconfidence impede dietary consumer decision making under time pressure

Abstract

In two studies, we identify a novel moderator (objective time pressure) of the relationship between knowledge over-/underconfidence (O/U) and subjective choice quality. Knowledge O/U is an individual difference variable with behavioral correlates in the consumption realm. As a common decision bias, knowledge overconfidence leads consumers to speed up decision making and to deem their decisions more accurate than those who are less knowledge confident. As knowledge-overconfident consumers accelerate decisions, it is tempting to assume that they would be less affected by objective time pressure than less knowledge confident consumers, who often need more decision time. However, we demonstrate that knowledge-overconfident consumers are more prone to suffer from the effects of objective time pressure. Specifically, in a dietary choice setting, objective time pressure positively moderates the relationship between knowledge O/U and subjective time pressure and perceived choice difficulty, respectively. Taking a moderated-mediation approach, we also investigate perceived choice difficulty and subjective time pressure as mediators of the relationship between knowledge O/U and subjective choice quality and find that objective time pressure moderates these mediating effects.