Arbeitspapier
Cognitive abilities and behavioral biases
We use a simple, three-item test for cognitive abilities to investigate whether established behavioral biases that play a prominent role in behavioral economics and finance are related to cognitive abilities. We find that higher test scores on the Cognitive Reflection Test of Frederick (2005) indeed are correlated with lower incidences of the conjunction fallacy, conservatism in updating probabilities, and overconfidence. Test scores are also significantly related to subjects' time and risk preferences. We find no influence on anchoring. However, even if biases are lower for people with higher cognitive abilities, they still remain substantial.
- Sprache
-
Englisch
- Erschienen in
-
Series: IZA Discussion Papers ; No. 3481
Klassifikation
Wirtschaft
Design of Experiments: Laboratory, Individual
Design of Experiments: Laboratory, Individual
Thema
Behavioral finance
biases
cognitive abilities
cognitive reflection test
Anlageverhalten
Verhaltensökonomik
Kognition
Entscheidung
Test
biases
cognitive abilities
cognitive reflection test
Anlageverhalten
Verhaltensökonomik
Kognition
Entscheidung
Test
Ereignis
Geistige Schöpfung
(wer)
Oechssler, Jörg
Roider, Andreas
Schmitz, Patrick W.
Roider, Andreas
Schmitz, Patrick W.
Ereignis
Veröffentlichung
(wer)
Institute for the Study of Labor (IZA)
(wo)
Bonn
(wann)
2008
- Handle
- URN
-
urn:nbn:de:101:1-2008052718
- Letzte Aktualisierung
-
20.09.2024, 08:23 MESZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Oechssler, Jörg
- Roider, Andreas
- Schmitz, Patrick W.
- Institute for the Study of Labor (IZA)
Entstanden
- 2008
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