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A common mechanism underlying economic decision making Ian Krajbich Abstract: A fundamental goal in neuroeconomics is to draw on fundamental principles from neuroscience to inform and constrain models of decision making. Here I will discuss a number of ways in which we have used such principles to improve our understanding of choice behavior. I will focus on a dynamical, ”drift-diffusion model” of how choices are formed over time, and use that model to illustrate common principles underlying both perceptual and economic choice. I will show that economic decisions are constrained by subjects’ imperfect knowledge of their own preferences, by their limited attention, and by their adaptation to different ranges of values in their environment. With this model, I will demonstrate that choice behavior is consistent across different choice domains. The model also goes beyond the traditional approach as it is able to additionally account for eye-movements, response times, and brain activity. Finally, I will discuss some applications of the model, including work on information cascades and social preferences. 1