Work

Thinking fast, thinking badly

Year: 2017

Type: article

Abstract: We test for the construct validity of the cognitive reflection test (CRT) by eliciting response times. We find that incorrect answers to the CRT are quicker than correct answers. At the individual level, we classify subjects into impulsive and reflective, depending on whether they choose the incorrect intuitive answer or the correct answer the majority of the time. We show that impulsive subjects complete the test quicker than reflective subjects.

Source: Economics Letters

DOI: 10.1016/j.econlet.2017.10.018

Authors: Natalia Jimenez, Ismael Rodriguez-Lara, Jean-Robert Tyran, Erik Wengström

Institutions: Middlesex University London, Universidad Pablo de Olavide, University of Vienna, Lund University

Language: English

Topic: Decision-Making and Behavioral Economics

Subfield: General Decision Sciences

Field: Decision Sciences

Domain: Social Sciences

Open Access status: hybrid

Estimated APC paid: $3,030

Funders: Ministerio de Economía y Competitividad, Riksbankens Jubileumsfond