Response time and decision making: An experimental study

Research output: Contribution to journalArticlepeer-review

Abstract

Response time is used here to interpret choice in decision problems. I first establish that there is a close connection between short response time and choices that are clearly a mistake. I then investigate whether a correlation also exists between response time and behavior that is inconsistent with some standard theories of decision making. The lack of such a correlation could be interpreted to imply that such behavior does not reflect a mistake. It is also shown that a typology of slow and fast responders may, in some cases, be more useful than the standard typologies.

Original languageEnglish
Pages (from-to)540-551
Number of pages12
JournalJudgment and Decision Making
Volume8
Issue number5
StatePublished - Sep 2013

Keywords

  • Allais paradox
  • Decision problems
  • Mistakes
  • Neuro-economics
  • Reaction time
  • Response time

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