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Saving behavior and cognitive abilities

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  • T. Ballinger
  • Eric Hudson
  • Leonie Karkoviata
  • Nathaniel Wilcox

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Abstract

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File URL: http://hdl.handle.net/10.1007/s10683-010-9271-3
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Bibliographic Info

Article provided by Springer in its journal Experimental Economics.

Volume (Year): 14 (2011)
Issue (Month): 3 (September)
Pages: 349-374

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Handle: RePEc:kap:expeco:v:14:y:2011:i:3:p:349-374

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Web page: http://www.springerlink.com/link.asp?id=102888

Related research

Keywords: Bounded rationality; Heterogeneity; Cognitive abilities; Consumption and saving; C91; D91; E21;

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References

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  1. Shane Frederick, 2005. "Cognitive Reflection and Decision Making," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 25-42, Fall.
  2. Ondrej Rydval & Andreas Ortmann, 2004. "How financial incentives and cognitive abilities affect task performance in laboratory settings: An illustration," CERGE-EI Working Papers wp221, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  3. Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-55, December.
  4. Campbell, John Y & Mankiw, N Gregory, 1990. "Permanent Income, Current Income, and Consumption," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(3), pages 265-79, July.
  5. Robert E. Hall & Frederic S. Mishkin, 1980. "The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households," NBER Working Papers 0505, National Bureau of Economic Research, Inc.
  6. Wilcox, Nathaniel T, 1993. "Lottery Choice: Incentives, Complexity and Decision Time," Economic Journal, Royal Economic Society, vol. 103(421), pages 1397-1417, November.
  7. Camerer, Colin F. & Hogarth, Robin M., 1999. "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework," Working Papers 1059, California Institute of Technology, Division of the Humanities and Social Sciences.
  8. Tanga McDaniel & E. Rutström, 2001. "Decision Making Costs and Problem Solving Performance," Experimental Economics, Springer, vol. 4(2), pages 145-161, October.
  9. Daniel J. Benjamin & Sebastian A. Brown & Jesse M. Shapiro, 2006. "Who is “Behavioral”? Cognitive Ability and Anomalous Preferences," Levine's Working Paper Archive 122247000000001334, David K. Levine.
  10. Martin Browning & Annamaria Lusardi, 1996. "Household Saving: Micro Theories and Micro Facts," Journal of Economic Literature, American Economic Association, vol. 34(4), pages 1797-1855, December.
  11. Selten, Reinhard & Abdolkarim Sadrieh & Klaus Abbink, 1995. "Money does Not Induce Risk Neutral Behavior, but Binary Lotteries Do even Worse," Discussion Paper Serie B 343, University of Bonn, Germany.
  12. Glenn Harrison & John List, 2004. "Field experiments," Artefactual Field Experiments 00058, The Field Experiments Website.
  13. Hey, John D & Dardanoni, Valentino, 1987. "Optimal Consumption under Uncertainty: An Experimental Investigation," Economic Journal, Royal Economic Society, vol. 98(390), pages 105-16, Supplemen.
  14. Thaler, Richard H, 1994. "Psychology and Savings Policies," American Economic Review, American Economic Association, vol. 84(2), pages 186-92, May.
  15. Alexander L. Brown & Zhikang Eric Chua & Colin F. Camerer, 2009. "Learning and Visceral Temptation in Dynamic Saving Experiments-super-," The Quarterly Journal of Economics, MIT Press, vol. 124(1), pages 197-231, February.
  16. David I. Laibson & Xavier Gabaix, 2000. "A Boundedly Rational Decision Algorithm," American Economic Review, American Economic Association, vol. 90(2), pages 433-438, May.
  17. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  18. Lee Cronbach, 1951. "Coefficient alpha and the internal structure of tests," Psychometrika, Springer, vol. 16(3), pages 297-334, September.
  19. Eckel, Catherine, 1999. "Commentary on "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework."," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 47-48, December.
  20. John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.
  21. T. Parker Ballinger & Michael G. Palumbo & Nathaniel T. Wilcox, 2003. "Precautionary saving and social learning across generations: an experiment," Economic Journal, Royal Economic Society, vol. 113(490), pages 920-947, October.
  22. Budescu, David V, 1999. "Commentary on "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework."," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 43-45, December.
  23. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-26, December.
  24. Enrica Carbone, 2006. "Understanding intertemporal choices," Applied Economics, Taylor & Francis Journals, vol. 38(8), pages 889-898.
  25. Enrica Carbone & John D. Hey, 2004. "The effect of unemployment on consumption: an experimental analysis," Economic Journal, Royal Economic Society, vol. 114(497), pages 660-683, 07.
  26. Read, Daniel & Loewenstein, George & Rabin, Matthew, 1999. "Choice Bracketing," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 171-97, December.
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Citations

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Cited by:
  1. Ondrej Rydval, 2011. "The Causal Effect of Cognitive Abilities on Economic Behavior: Evidence from a Forecasting Task with Varying Cognitive Load," Jena Economic Research Papers 2011-064, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  2. Eugen Kovac & Martin Vojtek & Andreas Ortmann, 2008. "Comparing Guessing Games with homogeneous and heterogeneous players: Experimental results and a CH explanation," Economics Bulletin, AccessEcon, vol. 3(9), pages 1-9.
  3. Rydval, Ondrej & Ortmann, Andreas & Ostatnicky, Michal, 2009. "Three very simple games and what it takes to solve them," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 589-601, October.
  4. Chen, Chia-Ching & Chiu, I-Ming & Smith, John & Yamada, Tetsuji, 2013. "Too smart to be selfish? Measures of cognitive ability, social preferences, and consistency," Journal of Economic Behavior & Organization, Elsevier, vol. 90(C), pages 112-122.
  5. Chen, Chia-Ching & Chiu, I-Ming & Smith, John & Yamada, Tetsuji, 2011. "Too smart to be selfish? Measures of intelligence, social preferences, and consistency," MPRA Paper 34438, University Library of Munich, Germany.
  6. Allred, Sarah & Duffy, Sean & Smith, John, 2013. "Cognitive Load and Strategic Sophistication," MPRA Paper 47997, University Library of Munich, Germany.
  7. Ondrej Rydval, 2012. "The Causal Effect of Cognitive Abilities on Economic Behavior: Evidence from a Forecasting Task with Varying Cognitive Load," CERGE-EI Working Papers wp457, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  8. repec:ebl:ecbull:v:3:y:2008:i:9:p:1-9 is not listed on IDEAS
  9. Duffy, Sean & Smith, John, 2011. "Cognitive load in the multi-player prisoner's dilemma game," MPRA Paper 30856, University Library of Munich, Germany.
  10. Alexander L. Brown & Colin F. Camerer & Zhikang Eric Chua, 2006. "Learning and Visceral Temptation in Dynamic Savings Experiments," Levine's Bibliography 321307000000000048, UCLA Department of Economics.
  11. Duffy, Sean & Smith, John, 2012. "Cognitive load in the multi-player prisoner's dilemma game: Are there brains in games?," MPRA Paper 38825, University Library of Munich, Germany.
  12. John Duffy & Enrica Carbone, 2013. "Lifecycle Consumption Plans, Social Learning and External Habits: Experimental Evidence," Working Papers 513, University of Pittsburgh, Department of Economics, revised Sep 2013.
  13. Thomas Meissner, 2013. "Intertemporal Consumption and Debt Aversion:An Experimental Study," SFB 649 Discussion Papers SFB649DP2013-045, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.

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