Choice Process Data in Economic Decision Making

Given the revolution of computer technology, neuroscientific, and psychological tools since the late eighties, the provision of choice process data has expanded our knowledge of reasoning, perceptual, attentional, and motivational processes, and bounded rationality. The applied tools shed light on mental processes underlying choice outcomes which are typically not observed in (economic) decision making. To visualize and collect such data different technologies have been adapted ranging from written protocols via chats or (on-line) surveys, to eye tracking to study gaze fixations and directions, blinks, or pupil dilation, mouse-tracking technologies to uncover search-patterns of information, collecting emotional responses through skin conductance and facial expression, analyzing reaction time (RT) to study cost of thinking, and brain activity through neuroimaging, e.g., fMRI and EEG. Such data help us to understand, for example, how emotion, reward expectation, theory of mind, strategic thinking and risk shape human decision making in individual and social settings.

Keywords: Process Data, Economic Decision, Neuroeconomics

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