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A General Framework for Estimating Preferences Using Response Time Data

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Listed:
  • Federico Echenique
  • Alireza Fallah
  • Michael I. Jordan

Abstract

We propose a general methodology for recovering preference parameters from data on choices and response times. Our methods yield estimates with fast ($1/n$ for $n$ data points) convergence rates when specialized to the popular Drift Diffusion Model (DDM), but are broadly applicable to generalizations of the DDM as well as to alternative models of decision making that make use of response time data. The paper develops an empirical application to an experiment on intertemporal choice, showing that the use of response times delivers predictive accuracy and matters for the estimation of economically relevant parameters.

Suggested Citation

  • Federico Echenique & Alireza Fallah & Michael I. Jordan, 2025. "A General Framework for Estimating Preferences Using Response Time Data," Papers 2507.20403, arXiv.org, revised Jul 2025.
    • Handle: RePEc:arx:papers:2507.20403
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    References listed on IDEAS

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    1. Ariel Rubinstein, 2007. "Instinctive and Cognitive Reasoning: A Study of Response Times," Economic Journal, Royal Economic Society, vol. 117(523), pages 1243-1259, October.
    2. Carlos Alós-Ferrer & Ernst Fehr & Nick Netzer, 2021. "Time Will Tell: Recovering Preferences When Choices Are Noisy," Journal of Political Economy, University of Chicago Press, vol. 129(6), pages 1828-1877.
    3. Echenique, Federico & Saito, Kota, 2017. "Response time and utility," Journal of Economic Behavior & Organization, Elsevier, vol. 139(C), pages 49-59.
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    6. Khai Xiang Chiong & Matthew Shum & Ryan Webb & Richard Chen, 2024. "Combining Choice and Response Time Data: A Drift-Diffusion Model of Mobile Advertisements," Management Science, INFORMS, vol. 70(2), pages 1238-1257, February.
    7. Frederick Mosteller & Philip Nogee, 1951. "An Experimental Measurement of Utility," Journal of Political Economy, University of Chicago Press, vol. 59(5), pages 371-371.
    8. Andrew Schotter & Isabel Trevino, 2021. "Is response time predictive of choice? An experimental study of threshold strategies," Experimental Economics, Springer;Economic Science Association, vol. 24(1), pages 87-117, March.
    9. Basu, Pathikrit & Echenique, Federico, 2020. "On the falsifiability and learnability of decision theories," Theoretical Economics, Econometric Society, vol. 15(4), November.
    10. Milica Milosavljevic & Jonathan Malmaud & Alexander Huth & Christof Koch & Antonio Rangel, 2010. "The Drift Diffusion Model can account for the accuracy and reaction time of value-based choices under high and low time pressure," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 5(6), pages 437-449, October.
    11. Milosavljevic, Milica & Malmaud, Jonathan & Huth, Alexander & Koch, Christof & Rangel, Antonio, 2010. "The Drift Diffusion Model can account for the accuracy and reaction time of value-based choices under high and low time pressure," Judgment and Decision Making, Cambridge University Press, vol. 5(6), pages 437-449, October.
    12. repec:cup:judgdm:v:5:y:2010:i:6:p:437-449 is not listed on IDEAS
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