arXiv releases v5 of response time research for binary response models
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Jean-Michel Benkert, Shuo Liu, and Nick Netzer released v5 of the paper "Time is Knowledge: Response Times in Binary Response Models" on arXiv, proposing a general theoretical framework that can identify economically relevant latent variables such as willingness to pay and preference intensity through response time data, unifying and extending existing literature conclusions. This framework can be applied to three empirical scenarios: identifying optimal nudges, testing diminishing marginal happiness of income, and predicting processing heterogeneity.
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- arXiv q-finTime as Knowledge: Response Times in Binary Response Models
This study proposes a general theoretical framework for identifying economically relevant latent variables such as willingness to pay and preference intensity through response time data, unifying and extending existing literature conclusions. The framework can be applied to three empirical scenarios: identifying optimal nudges, testing diminishing marginal happiness of income, and predicting processing heterogeneity.
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