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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.

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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 ItemPublished Version
Echenique, Federico0000-0002-1567-6770
Saito, Kota0000-0003-1189-8912
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
Series Name:Social Science Working Paper
Issue or Number:1410
Classification Code:JEL D01,D10
Record Number:CaltechAUTHORS:20160321-135336141
Persistent URL:
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:65549
Deposited By: Susan Vite
Deposited On:23 Mar 2016 23:27
Last Modified:03 Mar 2020 13:01

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