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Response time in choosing the most or least preferred option

Author

Listed:
  • Duk gyoo Kim

    (California Institute of Technology)

Abstract

When a choice yields an uncertain future value, choosing the most preferred among many options is more demanding than excluding one, because the first task requires comparing all the options while the second task requires only finding one stochastically dominant binary relation. Even when a choice does not have any future value, choosing the most preferred one is cognitively costlier than choosing the least preferred. All else being equal, choosing the most preferred option from eight images selected at random takes more time than choosing the least preferred. Also, consistent with binary choice studies, the response time is shorter when preference orders are more distinct.

Suggested Citation

  • Duk gyoo Kim, 2016. "Response time in choosing the most or least preferred option," Economics Bulletin, AccessEcon, vol. 36(1), pages 595-600.
  • Handle: RePEc:ebl:ecbull:eb-16-00096
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    File URL: http://www.accessecon.com/Pubs/EB/2016/Volume36/EB-16-V36-I1-P59.pdf
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    References listed on IDEAS

    as
    1. Terrance Odean, 1998. "Are Investors Reluctant to Realize Their Losses?," Journal of Finance, American Finance Association, vol. 53(5), pages 1775-1798, October.
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    More about this item

    Keywords

    Response time; Cognitive costs;

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments

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