Published November 17, 2015
| Accepted Version
Working Paper
Open
Response Time and Utility
- Creators
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Echenique, Federico
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Saito, Kota
Chicago
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Abstract
Response time is the time an agent needs to make a decision. One fundamental finding in psychology and neuroscience is that, in a binary choice, the response time is shorter as the difference between the utilities of the two options becomes larger. We consider situations in which utilities are not observed, but rather inferred from revealed preferences: meaning they are inferred from subjects' choices. Given data on subjects' choices, and the time to make those choices, we give conditions on the data that characterize the property that response time is decreasing in utility differences.
Additional Information
November 17, 2015. We thank Antonio Rangel, Ian Krajbich, and John Clithero for valuable discussions.Attached Files
Accepted Version - SSWP1410r.pdf
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SSWP1410r.pdf
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Additional details
- Eprint ID
- 65549
- Resolver ID
- CaltechAUTHORS:20160321-135336141
- Created
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2016-03-23Created from EPrint's datestamp field
- Updated
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2020-03-03Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 1410