Sequential sampling models of choice: Some recent advances
 Thomas Otter,
 Joe Johnson,
 Jörg Rieskamp,
 Greg M. Allenby,
 Jeff D. Brazell,
 Adele Diederich,
 J. Wesley Hutchinson,
 Steven MacEachern,
 Shiling Ruan,
 Jim Townsend
 … show all 10 hide
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Choice models in marketing and economics are generally derived without specifying the underlying cognitive process of decision making. This approach has been successfully used to predict choice behavior. However, it has not much to say about such aspects of decision making as deliberation, attention, conflict, and cognitive limitations and how these influence choices. In contrast, sequential sampling models developed in cognitive psychology explain observed choices based on assumptions about cognitive processes that return the observed choice as the terminal state. We illustrate three advantages of this perspective. First, making explicit assumptions about underlying cognitive processes results in measures of deliberation, attention, conflict, and cognitive limitation. Second, the mathematical representations of underlying cognitive processes imply well documented departures from Luce’s Choice Axiom such as the similarity, compromise, and attraction effects. Third, the process perspective predicts response time and thus allows for inference based on observed choices and response times. Finally, we briefly discuss the relationship between these cognitive models and rules for statistically optimal decisions in sequential designs.
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 Title
 Sequential sampling models of choice: Some recent advances
 Journal

Marketing Letters
Volume 19, Issue 34 , pp 255267
 Cover Date
 20081201
 DOI
 10.1007/s1100200890390
 Print ISSN
 09230645
 Online ISSN
 1573059X
 Publisher
 Springer US
 Additional Links
 Topics
 Keywords

 Luce’s Axiom
 Choice models
 Diffusion models
 Race models
 Human information processing
 Response time
 Optimal decision making
 Likelihood based inference
 Industry Sectors
 Authors

 Thomas Otter ^{(1)}
 Joe Johnson ^{(2)}
 Jörg Rieskamp ^{(3)}
 Greg M. Allenby ^{(4)}
 Jeff D. Brazell ^{(5)}
 Adele Diederich ^{(6)}
 J. Wesley Hutchinson ^{(7)}
 Steven MacEachern ^{(8)}
 Shiling Ruan ^{(8)}
 Jim Townsend ^{(9)}
 Author Affiliations

 1. J. W. Goethe Universität (Marketing), Frankfurt, Germany
 2. Miami University (Psychology), Oxford, OH, USA
 3. University Basel (Psychology), Basel, Switzerland
 4. Ohio State University (Marketing), Columbus, OH, USA
 5. The Modellers, LLC (Marketing), Salt Lake City, UT, USA
 6. Jacobs University Bremen (Psychology), Bremen, Germany
 7. University of Pennsylvania (Marketing), Philadelphia, PA, USA
 8. Ohio State University (Statistics), Columbus, OH, USA
 9. Indiana University (Psychology), Bloomington, IN, USA