Influential economic approaches as random utility models assume a monotonic relation between choice frequencies and "strength of preference," in line with widespread evidence from the cognitive sciences, which also document an inverse relation to response times. However, for economic decisions...

Preferences over risky alternatives can be elicited by different methods, including direct pairwise choices and willingness-to-accept valuations. The results are frequently at odds, casting doubts on the foundations of economics. We develop a stochastic choice model predicting when...

Overwhelming evidence from the cognitive sciences shows that, in simple discrimination tasks (determining what is louder, longer, brighter, or even which number is larger) humans make more mistakes and decide more slowly when the stimuli are closer along the relevant scale. We investigate to...

Influential economic approaches as random utility models or quantal-response equilibria assume a monotonic relation between error rates and choice difficulty or "strength of preference", in line with widespread evidence from discrimination tasks in psychology and neuroscience. However, while the...