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

Andrew Caplin; Daniel Martin

doi:10.1111/ecin.12294

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

Andrew Caplin, Daniel Martin

Research output: Contribution to journal › Article › peer-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 language	English (US)
Pages (from-to)	1274-1282
Number of pages	9
Journal	Economic Inquiry
Volume	54
Issue number	2
DOIs	https://doi.org/10.1111/ecin.12294
State	Published - Apr 1 2016

ASJC Scopus subject areas

General Business, Management and Accounting
Economics and Econometrics

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10.1111/ecin.12294

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

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