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Correlations of cognitive reflection with judgments and choices

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  • Guillermo Campitelli
  • Martin Labollita
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    Abstract

    We investigated the role of individual differences in cognitive reflection in decision making. We measured the performance of 157 participants in the cognitive reflection test (Frederick, 2005) and a number of decision-making tasks. We examined the relation of cognitive reflection with performance in tasks that assess correspondence (as distinct from coherence), such as predicting the ratings of chess players. We found significant correlations between cognitive reflection and all the estimation measures in correspondence tasks. Our results suggest that cognitive reflection is a thinking disposition that includes more characteristics than originally proposed by Frederick (2005). We proposed that cognitive reflection is related to the concept of actively open-minded thinking (Baron, 1985, 2008). We concluded that cognitive reflection is a thinking disposition that interacts with knowledge, domain-specific heuristics and characteristics of the environment and that it may play an essential role in the adaptation of the decision maker to different environments and situations.

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    File URL: http://journal.sjdm.org/10/91230/jdm91230.pdf
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    Bibliographic Info

    Article provided by Society for Judgment and Decision Making in its journal Judgment and Decision Making.

    Volume (Year): 5 (2010)
    Issue (Month): 3 (June)
    Pages: 182-191

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    Handle: RePEc:jdm:journl:v:5:y:2010:i:3:p:182-191

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    Related research

    Keywords: cognitive reflection; open-minded thinking; heuristics; decision making.;

    References

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    1. Oechssler, Jörg & Roider, Andreas & Schmitz, Patrick W., 2009. "Cognitive Abilities and Behavioral Biases," Working Papers 0465, University of Heidelberg, Department of Economics.
    2. Shane Frederick, 2005. "Cognitive Reflection and Decision Making," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 25-42, Fall.
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    Cited by:
    1. Antoni Bosch-Domènech & Pablo Brañas-Garza & Antonio M. Espín, 2013. "Fetal testosterone (2D:4D) as predictor of cognitive reflection," Working Papers 13-18, Chapman University, Economic Science Institute.
    2. Antoni Bosch-Domènech & Pablo Brañas-Garza & Antonio M. Espín, 2013. "Can exposure to prenatal sex hormones (2D:4D) predict cognitive reflection?," Working Papers 698, Barcelona Graduate School of Economics.
    3. Matthew Taylor, 2013. "Bias and brains: Risk aversion and cognitive ability across real and hypothetical settings," Journal of Risk and Uncertainty, Springer, vol. 46(3), pages 299-320, June.
    4. Sérgio Almeida De Sousa & Marcos De Almeida Rangel, 2014. "Do As I Do, Not As I Say: Incentivization And The Relationship Between Cognitive Ability And Riskaversion," Anais do XL Encontro Nacional de Economia [Proceedings of the 40th Brazilian Economics Meeting] 126, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].

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