Title

The Drift Diffusion Model Can Account for the Accuracy and Reaction Time of Value-Based Choices Under High and Low Time Pressure

Publication Date

8-2-2011

Abstract

An important open problem is how values are compared to make simple choices. A natural hypothesis is that the brain carries out the computations associated with the value comparisons in a manner consistent with the Drift Diffusion Model (DDM), since this model has been able to account for a large amount of data in other domains. We investigated the ability of four different versions of the DDM to explain the data in a real binary food choice task under conditions of high and low time pressure. We found that a seven-parameter version of the DDM can account for the choice and reaction time data with high-accuracy, in both the high and low time pressure conditions. The changes associated with the introduction of time pressure could be traced to changes in two key model parameters: the barrier height and the noise in the slope of the drift process.

Document Type

Article

Keywords

drift-diffusion model, value-based choice, response time, eye-tracking, consumer, mimimum RT

Disciplines

Marketing

DOI

10.2139/ssrn.1901533

Source

SMU Cox: Marketing (Topic)

Language

English

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