Behavioral biases and cognitive reflection
AbstractIn 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.
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Bibliographic InfoPaper provided by Cologne Graduate School in Management, Economics and Social Sciences in its series Cologne Graduate School Working Paper Series with number 01-03.
Date of creation: 28 Jul 2010
Date of revision:
Publication status: Published in Economics Letters, Vol. 110 (2), 2011, pages 97-100
Cognitive reflection test; Base rate fallacy; Conservatism; Overconfidence; Endowment effect;
Other versions of this item:
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-12-04 (All new papers)
- NEP-CBE-2010-12-04 (Cognitive & Behavioural Economics)
- NEP-EXP-2010-12-04 (Experimental Economics)
- NEP-NEU-2010-12-04 (Neuroeconomics)
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