The dual-process drift diffusion model: Evidence from response times

Andrew Caplin, Daniel Martin

    Research output: Contribution to journalArticlepeer-review

    Abstract

    We introduce a model of response time and choice that borrows from two distinct psychological traditions. As in dual-process models, rapid (automatic) decisions are qualitatively different from considered decisions. As in the drift diffusion model, delayed (considered) decisions occur when confidence hits a threshold level. We conduct a simple experiment in which our hybrid model matches key properties of the data. As our model predicts, decision times are bimodal, automatic decisions are of far lower quality than considered decisions, and automatic decisions are more prevalent when prior information improves, thereby raising their quality.

    Original languageEnglish (US)
    Pages (from-to)1274-1282
    Number of pages9
    JournalEconomic Inquiry
    Volume54
    Issue number2
    DOIs
    StatePublished - Apr 1 2016

    ASJC Scopus subject areas

    • Business, Management and Accounting(all)
    • Economics and Econometrics

    Fingerprint Dive into the research topics of 'The dual-process drift diffusion model: Evidence from response times'. Together they form a unique fingerprint.

    Cite this