Abstract
Unlike the assumptions of classical rational choice theory, decision-makers are far less rational and not always self-interested. Decision-makers normally have less than perfect information, face limited time to make decisions, fall into cognitive biases, and reciprocate. Behavioural economics argues that decision-makers typically face bounded rationality and adopt simple, intuitive “rules of thumb” instead of calculating optimal solutions for every decision they make.
Using insights from behavioural economics, this paper explores how people with economic goals make decisions under time and emotional pressure. Specifically, it examines how a goalkeeper, as an economic agent, makes decisions during a penalty session using data from the Spanish Premier Football League from 2015 to 2020. The results show that when a goalkeeper is under time pressure, he tends to make more accurate choices and predictions due to greater mental concentration on the task that demands considerable attention. Moreover, increased pressure on the ball kicker causes poorer decision-making, giving the goalkeeper additional flexibility.
However, emotions were found to negatively influence prediction accuracy and decision-making, as they impair information processing and the capacity to solve problems using heuristic decision-making techniques. Thus, understanding how decision-making is influenced by time and emotional pressure can significantly improve strategic policymaking.
Recommended Citation
Albanus, James and Chegere, Martin
(2025)
"The Role of PastInformation, Time, and Emotional Pressure in Heuristic Decision-Making,"
Tanzanian Economic Review: Vol. 15:
Iss.
1, Article 1.
DOI: https://doi.org/10.56279/ter.v15i1.201
Available at:
https://commons.udsm.ac.tz/ter/vol15/iss1/1