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An Optimizing Neuroeconomic Model of Discrete Choice / Michael Woodford.
- Format:
- Book
- Author/Creator:
- Woodford, Michael.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w19897.
- NBER working paper series no. w19897
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2014.
- Summary:
- A model is proposed in which stochastic choice results from noise in cognitive processing rather than random variation in preferences. The mental process used to make a choice is nonetheless optimal, subject to a constraint on available information-processing capacity that is partially motivated by neurophysiological evidence. The optimal information-constrained model is found to offer a better fit to experimental data on choice frequencies and reaction times than either a purely mechanical process model of choice (the drift-diffusion model) or an optimizing model with fewer constraints on feasible choice processes (the rational inattention model).
- Notes:
- Print version record
- February 2014.
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