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dc.contributor.authorOechssler, Jörgen_US
dc.contributor.authorRoider, Andreasen_US
dc.contributor.authorSchmitz, Patrick W.en_US
dc.date.accessioned2008-09-19en_US
dc.date.accessioned2010-07-07T11:33:23Z-
dc.date.available2010-07-07T11:33:23Z-
dc.date.issued2008en_US
dc.identifier.piurn:nbn:de:101:1-2008052718en_US
dc.identifier.urihttp://hdl.handle.net/10419/35082-
dc.description.abstractWe 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.en_US
dc.language.isoengen_US
dc.publisherIZA Bonnen_US
dc.relation.ispartofseriesIZA Discussion Papers 3481en_US
dc.subject.jelC91en_US
dc.subject.ddc330en_US
dc.subject.keywordBehavioral financeen_US
dc.subject.keywordbiasesen_US
dc.subject.keywordcognitive abilitiesen_US
dc.subject.keywordcognitive reflection testen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwVerhaltensökonomiken_US
dc.subject.stwKognitionen_US
dc.subject.stwEntscheidungen_US
dc.subject.stwTesten_US
dc.titleCognitive abilities and behavioral biasesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn568962907en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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