The Identification and Economic Content of Ordered Choice Models with Stochastic Thresholds This paper extends the widely used ordered choice model by introducing stochastic thresholds and interval-specific outcomes. The model can be interpreted as a generalization of the GAFT (MPH) framework for discrete duration data that jointly models durations and outcomes associated with different stoppin...

The behavior of females in search of a mate determines the likelihood that a high quality male is encountered in the search process and alternative search strategies provide different fitness returns to searchers. Models of search behavior are typically formulated on an assumption that the quality of prospective mates is revealed to searchers without error, either directly or by inspection of a...

The ubiquity of process models of decision making requires an increased degree of sophistication in the methods and metrics that we use to evaluate models. In this paper, we capitalize on recent work in cognitive science on analyzing response dynamics (or action dynamics). We propose that, as information processing unfolds over the course of a decision, the bearing this has on intended action i...

The accurate modeling of travelers’ route choice decision making when faced with unreliable (risky) travel times is necessary for the assessment of policies aimed at improving travel time reliability. Compared with econometric models, process models have not been investigated in travel decision making under risk. A process model aims to describe the actual decision making procedure and could po...

Interviews examining the food choice process were conducted with 29 adults, primarily individuals making grocery store food choice decisions, who were sampled for their diversity. These people were asked about how they chose foods when shopping and in other settings, and what influenced their choices. Verbatim transcripts of the interviews were analysed using qualitative methods that included c...

We studied economic choice behavior in capuchin monkeys by offering them to choose between two different foods available in variable amounts. When monkeys selected between familiar foods, their choice patterns were well-described in terms of relative value of the two foods. A leading view in economics and biology is that such behavior results from stimulus-response associations acquired through...

Suppose m balls are sequentially thrown into n bins where each ball goes into a random bin. It is well-known that the gap between the load of the most loaded bin and the average is Θ( √ m logn n ), for large m. If each ball goes to the lesser loaded of two random bins, this gap dramatically reduces to Θ(log logn) independent of m. Consider now the following “(1 + β)-choice” process for some par...

A main issue in valuation modeling is the correct choice of the stochastic process that better describes the asset price performance. Particularly, in investment projects that show a high level of managerial flexibility in conditions of uncertainty – for which it would be proposed the real option valuation models – the assumption of a specific process can have an impact not only on the project ...

Process algebras are standard formalisms for compositionally describing systems by the dependencies of their observable synchronous communication. In concurrent systems, parallel composition introduces resolvable nondeterminism, i.e., nondeterminism that will be resolved in later design phases or by the operating system. Sometimes it is also important to express inherent nondeterminism for equa...

Are models and data on choice processes useful as a complement to revealed preferences in decision theory? We answer this methodological question in the affirmative. We also argue, however, that progress in neuroeconomics is likely to require relying more clearly on structural empirical methods. We illustrate our arguments by means of examples from inter-temporal decision theory. ∗Many of the i...