scholarly journals Understanding migration aversion using elicited counterfactual choice probabilities

2021 ◽  
Author(s):  
Gizem Koşar ◽  
Tyler Ransom ◽  
Wilbert van der Klaauw
Keyword(s):  
Choice Probabilities

Estimating Choice Probabilities in Multiattribute Decision Making

1981 ◽  
Vol 8 (1) ◽  
pp. 76 ◽  
Author(s):  
Paul E. Green ◽  
J. Douglas Carroll ◽  
Wayne S. DeSarbo
Keyword(s):  
Decision Making ◽  
Choice Probabilities

scholarly journals Speed, Accuracy, and the Optimal Timing of Choices

2018 ◽  
Vol 108 (12) ◽  
pp. 3651-3684 ◽  
Author(s):  
Drew Fudenberg ◽  
Philipp Strack ◽  
Tomasz Strzalecki
Keyword(s):  
Sequential Sampling ◽  
Decision Time ◽  
Optimal Timing ◽  
Drift Diffusion Model ◽  
Drift Diffusion ◽  
Prior Beliefs ◽  
Constant Cost ◽  
Speed Accuracy ◽  
Decision Times ◽  
Choice Probabilities

We model the joint distribution of choice probabilities and decision times in binary decisions as the solution to a problem of optimal sequential sampling, where the agent is uncertain of the utility of each action and pays a constant cost per unit time for gathering information. We show that choices are more likely to be correct when the agent chooses to decide quickly, provided the agent’s prior beliefs are correct. This better matches the observed correlation between decision time and choice probability than does the classical drift-diffusion model (DDM), where the agent knows the utility difference between the choices. (JEL C41, D11, D12, D83)

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