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The cognitive ability and working memory framework: Interpreting cognitive reflection test results in the domain of the cognitive experiential theory

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  • Ayşegül Engin

    (University of Vienna)

Abstract

The cognitive reflection test (hereafter, CRT) is a widely used tool in studies that deal with human decision-making and problem-solving. However, the interpretation of the results of the test remains an open discussion in extant literature. Despite the high predictive power, the characteristics of a decision-maker measured by the CRT remain unclear. This article suggests a novel and inclusive framework that relates the CRT to the cognitive experiential theory (hereafter, CET), which is a well-established dual-process theory. The framework explains the observed phenomena (e.g., individual decision-maker differences) using data from five laboratory experiments. The framework is inclusive because it provides possible explanations for the results in the published literature. The overall results support the argument that the CRT measures the efficiency of the resources of an individual’s working memory. In contrast, the rationality experientiality inventory (hereafter, REI) (a measurement tool of the cognitive experiential theory) captures an individual’s cognitive ability. The efficient use of the working memory leads to the full potential of decision-makers’ cognitive abilities in analytical tasks, thereby indicating that cognitive ability and working memory form a viable framework for studies in the disciplines behavioral operational research (hereafter, OR) and decision sciences.

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  • Ayşegül Engin, 2021. "The cognitive ability and working memory framework: Interpreting cognitive reflection test results in the domain of the cognitive experiential theory," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 29(1), pages 227-245, March.
  • Handle: RePEc:spr:cejnor:v:29:y:2021:i:1:d:10.1007_s10100-020-00721-6
    DOI: 10.1007/s10100-020-00721-6
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    References listed on IDEAS

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    1. Brañas-Garza, Pablo & Kujal, Praveen & Lenkei, Balint, 2019. "Cognitive reflection test: Whom, how, when," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 82(C).
    2. Holt, Charles A. & Porzio, Megan & Song, Michelle Yingze, 2017. "Price bubbles, gender, and expectations in experimental asset markets," European Economic Review, Elsevier, vol. 100(C), pages 72-94.
    3. 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 School of Economics.
    4. Cueva, Carlos & Iturbe-Ormaetxe, Iñigo & Mata-Pérez, Esther & Ponti, Giovanni & Sartarelli, Marcello & Yu, Haihan & Zhukova, Vita, 2016. "Cognitive (ir)reflection: New experimental evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 64(C), pages 81-93.
    5. Barrafrem, Kinga & Hausfeld, Jan, 2020. "Tracing risky decisions for oneself and others: The role of intuition and deliberation," Journal of Economic Psychology, Elsevier, vol. 77(C).
    6. repec:cup:judgdm:v:11:y:2016:i:1:p:99-113 is not listed on IDEAS
    7. Hoppe, Eva I. & Kusterer, David J., 2011. "Behavioral biases and cognitive reflection," Economics Letters, Elsevier, vol. 110(2), pages 97-100, February.
    8. Alós-Ferrer, Carlos & Ritschel, Alexander, 2018. "The reinforcement heuristic in normal form games," Journal of Economic Behavior & Organization, Elsevier, vol. 152(C), pages 224-234.
    9. Bin Zhu & Stephanie A. Watts, 2010. "Visualization of Network Concepts: The Impact of Working Memory Capacity Differences," Information Systems Research, INFORMS, vol. 21(2), pages 327-344, June.
    10. Shane Frederick, 2005. "Cognitive Reflection and Decision Making," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 25-42, Fall.
    11. Hämäläinen, Raimo P. & Luoma, Jukka & Saarinen, Esa, 2013. "On the importance of behavioral operational research: The case of understanding and communicating about dynamic systems," European Journal of Operational Research, Elsevier, vol. 228(3), pages 623-634.
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    Cited by:

    1. Christian Stummer & Ayşegül Engin, 2021. "A tribute to Rudolf Vetschera," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 29(1), pages 1-6, March.

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