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Correlations of cognitive reflection with judgments and choices

Author

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  • Guillermo Campitelli
  • Martin Labollita

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.

Suggested Citation

  • Guillermo Campitelli & Martin Labollita, 2010. "Correlations of cognitive reflection with judgments and choices," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 5(3), pages 182-191, June.
  • Handle: RePEc:jdm:journl:v:5:y:2010:i:3:p:182-191
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    References listed on IDEAS

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    1. Oechssler, Jörg & Roider, Andreas & Schmitz, Patrick W., 2009. "Cognitive abilities and behavioral biases," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 147-152, October.
    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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    Citations

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    Cited by:

    1. 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].
    2. Dustin P. Calvillo & Jessica N. Burgeno, 2015. "Cognitive reflection predicts the acceptance of unfair ultimatum game offers," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 10(4), pages 332-341, July.
    3. Brice Corgnet & Mark DeSantis & David Porter, 2016. "What Makes a Good Trader? On the Role of Intuition and Reflection on Trader Performance," Working Papers 1627, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
    4. 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.
    5. Taylor, Matthew P., 2016. "Are high-ability individuals really more tolerant of risk? A test of the relationship between risk aversion and cognitive ability," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 63(C), pages 136-147.
    6. Sarah J. Donovan & C. Dominik Güss & Dag Naslund, 2015. "Improving dynamic decision making through training and self-reflection," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 10(4), pages 284-295, July.
    7. Antonio Mastrogiorgio & Enrico Petracca, 2014. "Numerals as triggers of System 1 and System 2 in the ‘bat and ball’ problem," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 13(1), pages 135-148, June.
    8. Pablo Brañas-Garza & Praveen Kujal & Balint Lenkei, 2015. "Cognitive Reflection Test: Whom, how, when," Working Papers 15-25, Chapman University, Economic Science Institute.
    9. Antoni Bosch-Domènech & Pablo Brañas-Garza & Antonio M. Espín, 2013. "Fetal testosterone (2D:4D) as predictor of cognitive reflection," Economics Working Papers 1371, Department of Economics and Business, Universitat Pompeu Fabra.
    10. Antoni Bosch-Domènech & Pablo Brañas-Garza & Antonio M. Espín, 2013. "Fetal testosterone (2D:4D) as predictor of cognitive reflection," Economics Working Papers 1371, Department of Economics and Business, Universitat Pompeu Fabra.
    11. Brice Corgnet & Mark DeSantis & David Porter, 2015. "Revisiting Information Aggregation in Asset Markets: Reflective Learning & Market Efficiency," Working Papers 15-15, Chapman University, Economic Science Institute.
    12. repec:beh:jbepv1:v:1:y:2017:i:2:p:17-23 is not listed on IDEAS

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