To understand the endogenous components of the event-related brain potential (ERP), we must use data about the components' antecedent conditions to form hypotheses about the information-processing function of the underlying brain activity. These hypotheses, in turn, generate testable predictions about the consequences of the component. We review the application of this approach to the analysis of the P300 component. The amplitude of the P300 is controlled multiplicatively by the subjective probability and the task relevance of the eliciting events, whereas its latency depends on the duration of stimulus evaluation. These and other factors suggest that the P300 is a manifestation of activity occurring whenever one's model of the environment must be revised. Tests of three predictions based on this “context updating” model are reviewed. Verleger's critique is based on a misconstrual of the model as well as a partial and misleading reading of the relevant literature.

For some years, the limits of classic reliability theory have been recognized in favor of the Generalizability Theory, which deals simultaneously with multiple sources of error. This measurement model can be particularly useful when applied to research in cognitive psychophysiology. Indeed, studies in this field often deal with estimated measures whose reliability is rarely taken into account. In this paper, we report two generalizability studies in order to investigate the usefulness of G theory in providing information about the reliability of experimental results. The first was carried out on P300 measured during an oddball task, and the second was carried out on ERPs recorded during a recognition memory task. As expected, results showed that P300 modulation was more reliable than ERP memory modulation. This suggests that G theory can be a useful tool to estimate the reliability of psychophysiological findings, complementing and extending results from conventional analyses.