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Article overview
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Stochastic Choice and Optimal Sequential Sampling | | Drew Fudenberg
; Philipp Strack
; Tomasz Strzalecki
; | | Date: |
13 May 2015 | | Abstract: | We model the joint distribution of choice probabilities and decision times in
binary choice tasks 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. In the resulting optimal
policy, the agent’s choices are more likely to be correct when the agent
chooses to decide quickly, provided that the agent’s prior beliefs are correct.
For this reason it better matches the observed correlation between decision
time and choice probability than does the classical drift-diffusion model,
where the agent is uncertain which of two actions is best but knows the utility
difference between them | | Source: | arXiv, 1505.3342 | | Services: | Forum | Review | PDF | Favorites | |
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