Behavioral Biases and Cognitive Reflection

In a large-scale laboratory experiment, we investigate whether subjects' scores on the cognitive reflection test (CRT) are related to their susceptibility to the base rate fallacy, the conservatism bias, overconfidence, and the endowment effect.

[1]  John R. Nofsinger,et al.  How Analytical Is Your Financial Advisor , 2007 .

[2]  Ward Edwards,et al.  Judgment under uncertainty: Conservatism in human information processing , 1982 .

[3]  Ben Greiner,et al.  An Online Recruitment System for Economic Experiments , 2004 .

[4]  Pablo Brañas-Garza,et al.  Math skills and risk attitudes , 2008 .

[5]  D. Ariely,et al.  Focusing on the Forgone: How Value Can Appear So Different to Buyers and Sellers , 2000 .

[6]  U. Fischbacher.  z-Tree: Zurich toolbox for ready-made economic experiments , 1999 .

[7]  Tore Ellingsen,et al.  Anchoring and cognitive ability , 2010 .

[8]  Robert L. Slonim,et al.  Possession and discounting behavior , 2007 .

[9]  S. Frederick.  Journal of Economic Perspectives—Volume 19, Number 4—Fall 2005—Pages 25–42 Cognitive Reflection and Decision Making , 2022 .

[10]  A. Tversky,et al.  Evidential impact of base rates , 1981 .

[11]  R. Thaler.  Toward a positive theory of consumer choice , 1980 .

[12]  D. Eddy.  Judgment under uncertainty: Probabilistic reasoning in clinical medicine: Problems and opportunities , 1982 .

[13]  R. Cattell,et al.  Formal representation of human judgment , 1968 .

[14]  A. Tversky,et al.  Judgment under Uncertainty: Heuristics and Biases , 1974, Science.

[15]  Andreas Roider,et al.  Cognitive Abilities and Behavioral Biases , 2009, SSRN Electronic Journal.

[16]  David J. Kusterer,et al.  Conflicting Tasks and Moral Hazard: Theory and Experimental Evidence , 2009 .

[17]  Chris Guthrie,et al.  Blinking on the Bench: How Judges Decide Cases , 2007 .

[18]  Daniel Kahneman,et al.  Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias , 1991 .

[19]  K. McConnell,et al.  A Review of Wta/Wtp Studies , 2000 .