Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/35082 
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dc.contributor.authorOechssler, Jörgen
dc.contributor.authorRoider, Andreasen
dc.contributor.authorSchmitz, Patrick W.en
dc.date.accessioned2008-09-19-
dc.date.accessioned2010-07-07T11:33:23Z-
dc.date.available2010-07-07T11:33:23Z-
dc.date.issued2008-
dc.identifier.piurn:nbn:de:101:1-2008052718en
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
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x3481en
dc.subject.jelC91en
dc.subject.ddc330en
dc.subject.keywordBehavioral financeen
dc.subject.keywordbiasesen
dc.subject.keywordcognitive abilitiesen
dc.subject.keywordcognitive reflection testen
dc.subject.stwAnlageverhaltenen
dc.subject.stwVerhaltensökonomiken
dc.subject.stwKognitionen
dc.subject.stwEntscheidungen
dc.subject.stwTesten
dc.titleCognitive abilities and behavioral biases-
dc.type|aWorking Paperen
dc.identifier.ppn568962907en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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