Journal of Mathematical Psychology volume 50, issue 4, P402-410 2006 DOI: 10.1016/j.jmp.2006.03.004 View full text
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Scott D. Brown, Roger Ratcliff, Philip L. Smith

Abstract: AbstractModels of decision making and response time (RT) are often formulated using stochastic differential equations (SDEs). Researchers often investigate these models using a simple Monte Carlo method based on Euler's method for solving ordinary differential equations. The accuracy of Euler's method is investigated and compared to the performance of more complex simulation methods. The more complex methods for solving SDEs yielded no improvement in accuracy over the Euler method. However, the matrix method …

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