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Response Time and Utility

Echenique, Federico and Saito, Kota (2015) Response Time and Utility. Social Science Working Paper, 1410. California Institute of Technology , Pasadena, California. http://resolver.caltech.edu/CaltechAUTHORS:20160321-135336141

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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.


Item Type:Report or Paper (Working Paper)
Related URLs:
URLURL TypeDescription
http://resolver.caltech.edu/CaltechAUTHORS:20170628-110121372Related ItemPublished Version
Additional Information:November 17, 2015. We thank Antonio Rangel, Ian Krajbich, and John Clithero for valuable discussions.
Group:Social Science Working Papers
Subject Keywords:Psychometrics, lag times, response times, revealed preference
Classification Code:JEL D01,D10
Record Number:CaltechAUTHORS:20160321-135336141
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20160321-135336141
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:65549
Collection:CaltechAUTHORS
Deposited By: Susan Vite
Deposited On:23 Mar 2016 23:27
Last Modified:02 Jan 2018 16:43

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