Replication data for: Benefits of Neuroeconomic Modeling: New Policy Interventions and Predictors of Preference
Year: 2014
Type: dataset
Abstract: Neuroeconomics strives to use knowledge from neuroscience to improve models of decisionmaking. Here we introduce a biologically plausible, drift-diffusion model that is able to jointly predict choice behavior and response times across different choice environments. The model has both normative and positive implications for economics. First, we consistently observe that decisionmakers inefficiently allocate their time to choices for which they are close to indifference. We demonstrate that we can improve subjects' welfare using a simple intervention that puts a time limit on their choices. Second, response times can be used to predict indifference points and the strength of preferences.
Source: ICPSR Data Holdings
DOI: 10.3886/e112812v1
Authors: Krajbich, Ian, Oud, Bastiaan, Fehr, Ernst
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W3084946739