An Integrated Model of Discrete Choice and Response Time
42 Pages Posted: 29 Mar 2006
Date Written: September 2007
Computer and web-based interviewing tools have made response times ubiquitous in marketing research. These data are used as an indicator of data quality by practitioners, and of latent processes related to memory, attributes and decision making by academics. We investigate a Poisson race model with choice and response times as dependent variables. The model facilitates inference about respondent preference for choice alternatives, their diligence in providing responses, and the accessibility of attitudes/the speed of thinking. Thus, the model distinguishes respondents who are quick to think versus those who react quickly but without much thought. Empirically, we find support for the endogenous nature of response times and demonstrate that models that treat response times as exogenous variables may result in misleading inferences.
Keywords: Poisson Process, Choice Model, Bayesian Analysis, Human Information Processing
JEL Classification: C11, C33, C34, D83, M31
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