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Stochastic Choice: An Optimizing Neuroeconomic Model.

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 motivated by neurophysi...

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Published in:American Economic Review Vol. 104; no. 5; pp. 495 - 501
Format: Article
Published: American Economic Association May2014
Subjects:
Neuroeconomics
Economics
Decision making
Stochastic processes
Algorithms
Reaction time
Online Access:View this record in EBSCOhost