Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/256784 
Year of Publication: 
2022
Series/Report no.: 
Discussion Paper No. 317
Publisher: 
Ludwig-Maximilians-Universität München und Humboldt-Universität zu Berlin, Collaborative Research Center Transregio 190 - Rationality and Competition, München und Berlin
Abstract: 
This paper presents an empirical investigation of the relation between decision speed and decision quality for a real-world setting of cognitively-demanding decisions in which the timing of decisions is endogenous: professional chess. Move-by-move data provide exceptionally detailed and precise information about decision times and decision quality, based on a comparison of actual decisions to a computational benchmark of best moves constructed using the artificial intelligence of a chess engine. The results reveal that faster decisions are associated with better performance. The findings are consistent with the predictions of procedural decision models like drift-diffusion-models in which decision makers sequentially acquire information about decision alternatives with uncertain valuations.
Subjects: 
Response Times
Speed-Performance Profile
Drift-Diffusion Model
Uncertain Evaluations
JEL: 
D01
D9
C7
C8
Document Type: 
Working Paper

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