The dynamics of competition and decision-making.

We examine the underlying cognitive mechanisms that govern how competitions play out over time. We used cognitive modeling to examine the dynamic effects of time remaining and relative performance (whether the person is winning or losing) on effort and strategy. In this experiment, participants completed a competitive decision-making task with varying time limits and starting scores, in a repeated-measures design. Participants were tasked with scoring more points than their computerized opponent during a certain time frame, gaining and losing points for correct and incorrect decisions, respectively. The results showed that as the competition deadline approached and as participants drew ahead of their opponent within a competition, they increased effort and became more cautious. Furthermore, the effect of relative score on effort and caution changed over the course of a competition as the deadline approached. These results highlight the importance of considering dynamics when working to understand how competitions unfold as well as the underlying cognitive mechanisms that give rise to the dynamic behavior.