A General Framework for Estimating Preferences Using Response Time Data

Neoclassical economics identifies preferences with choice s. That Alice prefers x to y means only that Alice chooses x when presented with the binary-choice problem "would you li ke x or y?" As a consequence of this view, and given the great availabi lity of choice data from various sources, economists have developed and used an extensi ve methodology for analyzing choice data. Choice data are used in estimating preferences, in predicting agents' behavior out of sample, and in conducting counterfactual analysis. Ther e is, however, a growing acceptance in the profession that preferences could be meaningful beyo nd their interpretation as choices. Many economists now think that non-choice data have a role to play in the estimation of preferences and the prediction of agents' behavior. Now, while t here is substantial interest in the use of non-choice data, there is not yet a mature statistical methodological body of work designed for working with economic non-choice data. Our paper presents progress towards such a methodology . W e develop empirical methodology to estimate preferences f rom choice and response-time data.