Measures of cognitive ability and choice inconsistency
(2024) In Journal of Economic Behavior and Organization 220. p.495-506- Abstract
Cognitive skills affect individual choices. Researchers commonly use Raven's Progressive Matrices (RPM) tests and the Cognitive Reflection Test (CRT) to assess the relationship between cognitive abilities and economic decision making. In this paper, we study the relationship between these measures, and investigate the extent to which they are correlated and whether they are best described as substitutes or complements. Combining a sample of 686 children and a sample of 2,332 adults, we compare individual performances in the RPM test and CRT test. First, we report a significant positive correlation between the two measures of 0.3. Second, we document that performance in both the RPM test and CRT are significant predictors of behavioral... (More)
Cognitive skills affect individual choices. Researchers commonly use Raven's Progressive Matrices (RPM) tests and the Cognitive Reflection Test (CRT) to assess the relationship between cognitive abilities and economic decision making. In this paper, we study the relationship between these measures, and investigate the extent to which they are correlated and whether they are best described as substitutes or complements. Combining a sample of 686 children and a sample of 2,332 adults, we compare individual performances in the RPM test and CRT test. First, we report a significant positive correlation between the two measures of 0.3. Second, we document that performance in both the RPM test and CRT are significant predictors of behavioral inconsistency observed in incentivized time and risk preference elicitation tasks for children and risk preference elicitation task for adults.
(Less)
- author
- Willadsen, Helene ; Zaccagni, Sarah ; Piovesan, Marco and Wengström, Erik LU
- organization
- publishing date
- 2024-04
- type
- Contribution to journal
- publication status
- published
- subject
- keywords
- Cognitive Reflection, Cognitive Skills, Inconsistent Behavior, Intelligence, Raven Progressive Matrices, Risk Preference, Time Preference
- in
- Journal of Economic Behavior and Organization
- volume
- 220
- pages
- 12 pages
- publisher
- Elsevier
- external identifiers
-
- scopus:85186572736
- ISSN
- 0167-2681
- DOI
- 10.1016/j.jebo.2024.02.029
- language
- English
- LU publication?
- yes
- id
- c255e17f-5485-41b0-8e63-db5515398487
- date added to LUP
- 2024-03-14 15:15:35
- date last changed
- 2024-03-14 15:16:52
@article{c255e17f-5485-41b0-8e63-db5515398487,
abstract = {{<p>Cognitive skills affect individual choices. Researchers commonly use Raven's Progressive Matrices (RPM) tests and the Cognitive Reflection Test (CRT) to assess the relationship between cognitive abilities and economic decision making. In this paper, we study the relationship between these measures, and investigate the extent to which they are correlated and whether they are best described as substitutes or complements. Combining a sample of 686 children and a sample of 2,332 adults, we compare individual performances in the RPM test and CRT test. First, we report a significant positive correlation between the two measures of 0.3. Second, we document that performance in both the RPM test and CRT are significant predictors of behavioral inconsistency observed in incentivized time and risk preference elicitation tasks for children and risk preference elicitation task for adults.</p>}},
author = {{Willadsen, Helene and Zaccagni, Sarah and Piovesan, Marco and Wengström, Erik}},
issn = {{0167-2681}},
keywords = {{Cognitive Reflection; Cognitive Skills; Inconsistent Behavior; Intelligence; Raven Progressive Matrices; Risk Preference; Time Preference}},
language = {{eng}},
pages = {{495--506}},
publisher = {{Elsevier}},
series = {{Journal of Economic Behavior and Organization}},
title = {{Measures of cognitive ability and choice inconsistency}},
url = {{http://dx.doi.org/10.1016/j.jebo.2024.02.029}},
doi = {{10.1016/j.jebo.2024.02.029}},
volume = {{220}},
year = {{2024}},
}