Ulric B. and Evelyn L. Bray Social Sciences Seminar
Baxter B125
A General Framework for Estimating Preferences Using Response Time Data
Federico Echenique,
Professor,
Department of Economics,
UC Berkeley,
Abstract: We propose a general methodology for recovering preference parameters from data on choices and response times. Our methods yield estimates with fast (1/n for n data points) convergence rates when specialized to the popular Drift Diffusion Model (DDM), but are broadly applicable to generalizations of the DDM as well as to alternative models of
decision making that make use of response time data. The paper develops an empirical application to an experiment on intertemporal choice, showing that the use of response times delivers predictive accuracy and matters for the estimation of economically relevant parameters.
With Alireza Fallah and Michel I. Jordan
For more information, please contact Mary Martin by phone at 626-395-4571 or by email at [email protected].