@article {254346,
	title = {Speed, Accuracy, and the Optimal Timing of Choices},
	journal = {American Economic Review},
	volume = {108},
	number = {12},
	year = {2018},
	month = {2018},
	pages = {3651-3684},
	abstract = {We model the joint distribution of choice probabilities and decision times in binary decisions as the solution to a problem of optimal sequential sampling, where the agent is uncertain of the utility of each action and pays a constant cost per unit time for gathering information. We show that choices are more likely to be correct when the agent chooses to decide quickly provided that the agent{\textquoteright}s prior beliefs are correct. This better matches the observed correlation between decision time and choice probability than does the classical drift-diffusion model, where the agent knows the utility difference between the choices.},
	author = {Drew Fudenberg and Philipp Strack and Tomasz Strzalecki}
}
