Response Times in Economics: Looking Through the Lens of Sequential Sampling Models

This article presents a canonical process model from psychology and neuroscience, the Drift-Diffusion Model (DDM), and shows that many RT phenomena in the economics literature are consistent with the predictions of the DDM. Additionally, use of the class of sequential sampling models facilitates a more principled consideration of findings from cognitive science and neuroeconomics. Application of the DDM demonstrates the rich inference made possible when using models that can jointly model choice and process, highlighting the need for more work in this area.
Source: Journal of Economic Psychology - Category: Psychiatry & Psychology Source Type: research