Table 2.

A summary of current findings in the literature

	Main findings
Preferences
Risk	Evidence that time pressure increases risk taking behavior in the domain of gains, but decreases risk taking behavior in the domain of losses. Framing has been found to mediate these effects, with aspiration levels playing a role.
Intertemporal	Limited evidence that the present-bias is reduced under time pressure, but the long-term discounting factor and utility function curvature remain the same.
Social	No consensus on whether cooperation or pro-social behavior are more intuitive. The debate now centers on methodological critiques based on important mediators and/or confounding variables. An alternative hypothesis with some empirical support is that reciprocity is more intuitive. Another hypothesis is that the higher the cognitive dissonance or conflict the slower the RT—this is consistent with a sequential-sampling account. This implies an inverted-U shaped relationship between RT and cooperation, which could reconcile the conflicting findings in the literature.
Processes	The closer the valuations of competing options are, the longer the (endogenous) time taken to decide. Limited evidence that the existence of aspiration levels that easily discriminate between options leads to a shorter endogenous RT.
	Decisions consistent with focal outcomes are associated with shorter RT.
Heuristics	Heuristics are more likely to be used under time pressure–in many cases they involve ignoring some of the available information, particularly in strategic DM.
Emotions	Limited evidence that time delays reduce negative emotions about unfair offers, leading to greater acceptance rates in ultimatum games.
Classification	RT is predictive of behavior (out-of-sample) in a variety of tasks. In many cases, RT is more informative that other variables such as risk preferences or the normative equilibrium solution.
Speed–performance profile	Moderate evidence that, on average, decision quality and payoff performance for individual DM is reduced under time pressure and that there exists a positive relationship between endogenous RT and performance. However, this finding is not robust for strategic DM as it depends crucially on the characteristics of a game. Preliminary findings that time-based incentives do not affect decision quality.