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Department of Agricultural, Environmental, and Development Economics


Revealed Indifference

Feb 3, 2017, 10:30am - 12:00pm

Ian Krajbich, Assistant Professor of Economics at The Ohio State University, will present "Revealed Indifference" on Friday, February 3 from 10:30am to 12:00pm in room 105, Agricultural Administration.

Abstract: Revealed preference has been the dominant approach for inferring beliefs and preferences in economics, despite the fact that it relies on discrete, stochastic choices.  The choice process also produces response times (RT), which are continuous and can often be observed in the absence of informative choice outcomes.  With the growing availability of RT data and the prominence of sequential sampling models (SSMs, also known as DDMs) with which to explain those data, the time is right to incorporate RTs into economic analysis.  Here I give an overview of SSMs and how they can help us use RTs to enrich economics.  Specifically, I will discuss applications to preference elicitation, information cascades, public goods, and strategic settings.