Stochastic Choice and Optimal Sequential Sampling

  title={Stochastic Choice and Optimal Sequential Sampling},
  author={Drew Fudenberg and Philipp Strack and Tomasz Strzalecki},
We model the joint distribution of choice probabilities and decision times in binary choice tasks as the solution to a problem of optimal sequential sampling, where the agent is uncertain of the utility of each action and pays a constant cost per unit time for gathering information. In the resulting optimal policy, the agent’s choices are more likely to be correct when the agent chooses to decide quickly, provided that the agent’s prior beliefs are correct. For this reason it better matches the… CONTINUE READING
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