DYNAMIC-STOCHASTIC MODELS FOR DECISION-MAKING UNDER TIME CONSTRAINTS

This paper introduces the multiattribute dynamic decision model (MADD) to describe both the dynamic and the stochastic nature of decision ma king. MADD is based on information processing models developed by Died erich. It belongs to the class of sequential comparison models and gen eralizes and extends the so-called decision field theory (DFT) of Buse meyer and Townsend. Describing the decision maker's choice behavior fo r multiattribute choice alternatives in an uncertain environment by a stochastic process, the Ornstein-Uhlenbeck process, MADD predicts choi ce probabilities and mean choice response times when the decision make r has to respond within a given lime limit. This paper outlines the pr ediction of two different versions of the model in detail. (C) 1997 Ac ademic Press.