Cognitive Reflection and Decision Making
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This paper introduced a three-item Cognitive Reflection Test (CRT) as a simple measure of one type of cognitive ability, i.e., the ability or disposition to reflect on a question and resist reporting the first response that comes to mind.Abstract:
This paper introduces a three-item "Cognitive Reflection Test" (CRT) as a simple measure of one type of cognitive ability—the ability or disposition to reflect on a question and resist reporting the first response that comes to mind. The author will show that CRT scores are predictive of the types of choices that feature prominently in tests of decision-making theories, like expected utility theory and prospect theory. Indeed, the relation is sometimes so strong that the preferences themselves effectively function as expressions of cognitive ability—an empirical fact begging for a theoretical explanation. The author examines the relation between CRT scores and two important decision-making characteristics: time preference and risk preference. The CRT scores are then compared with other measures of cognitive ability or cognitive "style." The CRT scores exhibit considerable difference between men and women and the article explores how this relates to sex differences in time and risk preferences. The final section addresses the interpretation of correlations between cognitive abilities and decision-making characteristics.read more
Citations
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Journal ArticleDOI
Data collection in a flat world: the strengths and weaknesses of mechanical turk samples
TL;DR: The authors compared Mechanical Turk participants with community and student samples on a set of personality dimensions and classic decision-making biases and found that MTurk participants are less extraverted and have lower self-esteem than other participants, presenting challenges for some research domains.
Journal ArticleDOI
Conditions for intuitive expertise: A failure to disagree.
Daniel Kahneman,Gary Klein +1 more
TL;DR: Evaluating the likely quality of an intuitive judgment requires an assessment of the predictability of the environment in which the judgment is made and of the individual's opportunity to learn the regularities of that environment.
Journal Article
Data Collection in a Flat World: Strengths and Weaknesses of Mechanical Turk Samples
TL;DR: MTurk offers a highly valuable opportunity for data collection, and it is recommended that researchers using MTurk include screening questions that gauge attention and language comprehension, avoid questions with factual answers, and consider how individual differences in financial and social domains may influence results.
Journal ArticleDOI
Why Do Humans Reason? Arguments for an Argumentative Theory
Hugo Mercier,Dan Sperber +1 more
TL;DR: The hypothesis is that the function of reasoning is argumentative: It is to devise and evaluate arguments intended to persuade and is adaptive given the exceptional dependence of humans on communication and their vulnerability to misinformation.
Posted Content
The Polarizing Impact of Science Literacy and Numeracy on Perceived Climate Change Risks
Dan M. Kahan,Ellen Peters,Maggie Wittlin,Paul Slovic,Lisa Larrimore Ouellette,Donald Braman,Gregory N. Mandel +6 more
TL;DR: This paper found that those with the highest degrees of science literacy and technical reasoning capacity were not the most concerned about climate change, rather, they were the ones among whom cultural polarization was greatest, suggesting that public divisions over climate change stem not from the public's incomprehension of science but from a distinctive conflict of interest.
References
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Book ChapterDOI
Prospect theory: an analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
TL;DR: In this paper, the authors present a critique of expected utility theory as a descriptive model of decision making under risk, and develop an alternative model, called prospect theory, in which value is assigned to gains and losses rather than to final assets and in which probabilities are replaced by decision weights.
Journal ArticleDOI
Prospect theory: analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
Journal ArticleDOI
Time Discounting and Time Preference: A Critical Review
TL;DR: In this paper, the authors discuss the discounted utility (DU) model, its historical development, underlying assumptions, and "anomalies" -the empirical regularities that are inconsistent with its theoretical predictions.
Journal ArticleDOI
The need for cognition.
TL;DR: In this paper, a scale to assess the need for cognition (i.e., the tendency for an individual to engage in and enjoy thinking) was developed and validated, and a factor analysis was performed on the selected items and yielded one major factor.