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How financial incentives and cognitive abilities affect task performance in laboratory settings: An illustration

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  • Ondrej Rydval
  • Andreas Ortmann

Abstract

Drawing on Gneezy and Rustichini (2000), we illustrate that subjects' cognitive abilities seem at least as important for their performance as do financial incentives they face. Theorists should thus pay more attention to the ability aspect of cognitive production.

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Bibliographic Info

Paper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp221.

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Date of creation: May 2004
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Handle: RePEc:cer:papers:wp221

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Related research

Keywords: Human capital; Endogenous growth; Total factor productivity; Growth accounting;

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  1. Smith, Vernon L & Walker, James M, 1993. "Monetary Rewards and Decision Cost in Experimental Economics," Economic Inquiry, Western Economic Association International, vol. 31(2), pages 245-61, April.
  2. Camerer, Colin F & Hogarth, Robin M, 1999. "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 7-42, December.
  3. Uri Gneezy & Aldo Rustichini, 2000. "Pay Enough Or Don'T Pay At All," The Quarterly Journal of Economics, MIT Press, vol. 115(3), pages 791-810, August.
  4. Ignacio Palacios-Huerta, 2002. "Learning to Open Monty Hall's Doors," Working Papers 2002-23, Brown University, Department of Economics.
  5. Smith, Vernon L, 1976. "Experimental Economics: Induced Value Theory," American Economic Review, American Economic Association, vol. 66(2), pages 274-79, May.
  6. Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-55, December.
  7. Wilcox, Nathaniel T, 1993. "Lottery Choice: Incentives, Complexity and Decision Time," Economic Journal, Royal Economic Society, vol. 103(421), pages 1397-1417, November.
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