Stochastic Choice and Optimal Sequential Sampling

Résumé

Abstract: 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. The resulting optimal policy better matches the observed correlation between decision time and choice probability than does the classical drift-diffusion model, where the agent is uncertain which of two actions is best but knows the utility difference between them. with Drew Fudenberg and Philipp Strack