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Racing against the clock: Evidence-based versus time-based decisions

Citation

Hawkins, GE and Heathcote, A, Racing against the clock: Evidence-based versus time-based decisions, Psychological Review, 128, (2) pp. 222-263. ISSN 0033-295X (2021) [Refereed Article]

DOI: doi:10.1037/rev0000259

Abstract

Classical dynamic theories of decision making assume that responses are triggered by accumulating a threshold amount of information. Recently, there has been a growing appreciation that the passage of time also plays a role in triggering responses. We propose that decision processes are composed of 2 diffusive accumulation mechanisms-1 evidence-based and 1 time-based-that compete in an independent race architecture. We show that this timed racing diffusion model (TRDM) provides a unified, comprehensive, and quantitatively accurate explanation of key decision phenomena-including the effects of implicit and explicit deadlines and the relative speed of correct and error responses under speed-accuracy trade-offs-without requiring additional mechanisms that have been criticized as being ad hoc in theoretical motivation and difficult to estimate, such as trial-to-trial variability parameters, collapsing thresholds, or urgency signals. In contrast, our addition is grounded in a widely validated account of time-estimation performance, enabling the same mechanism to simultaneously account for interval estimation and decision making with an explicit deadline.

Item Details

Item Type:Refereed Article
Research Division:Psychology
Research Group:Cognitive and computational psychology
Research Field:Decision making
Objective Division:Expanding Knowledge
Objective Group:Expanding knowledge
Objective Field:Expanding knowledge in psychology
UTAS Author:Heathcote, A (Professor Andrew Heathcote)
ID Code:146530
Year Published:2021
Web of Science® Times Cited:7
Deposited By:Psychology
Deposited On:2021-09-10
Last Modified:2021-09-10
Downloads:0

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