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Is the ability to answer a given question correctly quicker a measure of that individual being more intelligent than the person who answered correctly, but slower (This based on both individuals having no physical handicaps)?

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There is some evidence of a moderate correlation between response times (on very simple tasks) and intelligence constructs like IQ. Here are two relevant papers and their abstracts:

Deary, Der, & Ford (2001)

The association between reaction times and psychometric intelligence test scores is a major plank of the information-processing approach to mental ability differences. An important but unavailable datum is the effect size of the correlation in the normal population. Here we describe the associations between scores on a test of general mental ability (Alice Heim 4, AH4) and reaction times using a ‘Hick’-style device. The sample is 900 people aged 56 years who are broadly representative of the Scottish population. AH4 Part I total scores correlated −.31 with simple reaction time, −.49 with four-choice reaction time, and −.26 with intraindividual variability in both reaction time procedures. The correlation between AH4 scores and the difference between simple and four-choice reaction time was −.15. Separate analyses were conducted after partitioning the total group according to sex, educational level, social class grouping, and number of errors on the four-choice reaction time task. None of these factors significantly altered the effect sizes. This is the first report of reaction time and psychometric intelligence in a large, normal sample of the population. It provides a benchmark for other studies and suggests larger effect sizes than the majority of present studies, which are dominated by young student samples.

van Ravenzwaaij, Brown, & Wagenmakers (2011)

Research in the field of mental chronometry and individual differences has revealed several robust regularities (Jensen, 2006). These include right-skewed response time (RT) distributions, the worst performance rule, correlations with general intelligence (g) that are more pronounced for RT standard deviations (RTSD) than they are for RT means (RTm), an almost perfect linear relation between individual differences in RTSD and RTm, linear Brinley plots, and stronger correlations between g and inspection time (IT) than between g and RTm. Here we show how all these regularities are manifestations of a single underlying relationship, when viewed through the lens of Ratcliff’s diffusion model ( Ratcliff, 1978 and Ratcliff et al., 2008). The single underlying relationship is between individual differences in general intelligence and individual differences in “drift rate”, which is just the speed of information processing in Ratcliff’s model. We also test and confirm a strong prediction of the diffusion model, namely that the worst performance rule generalizes to phenomena outside of the field of intelligence. Our approach provides an integrative perspective on intelligence findings.

To summarize: the first paper demonstrates a moderate correlation between faster reaction times and the AH4 test, which measures "general mental ability." The second paper shows that these differences, and many others reported in the literature, and predicted by increasing the drift rate in a drift-diffusion model. The drift rate is generally associated with faster information processing.

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