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WHO IS 'BEHAVIORAL'? COGNITIVE ABILITY AND ANOMALOUS PREFERENCES.
Daniel J Benjamin1, Sebastian A Brown2, Jesse M Shapiro3
1Cornell University.
Journal of the European Economic Association
|December 15, 2018
Summary
Higher cognitive ability, measured by test scores, correlates with fewer preference anomalies like risk aversion and short-run discounting in students. This suggests cognitive resources may influence economic decision-making.
Area of Science:
- Behavioral Economics
- Cognitive Science
- Educational Psychology
Background:
- Understanding individual differences in economic preferences is crucial.
- Cognitive ability is a key individual characteristic that may shape decision-making.
Purpose of the Study:
- To investigate the relationship between cognitive ability and preference anomalies.
- To determine if cognitive resources influence economic preferences.
Main Methods:
- Laboratory study involving Chilean high-school students.
- Standardized test scores and parental socioeconomic factors were used as controls.
- Two laboratory interventions were conducted to explore causality.
Main Results:
- Higher standardized test scores were associated with lower instances of small-stakes risk aversion and short-run discounting.
- This relationship persisted after controlling for parental education and wealth.
- Early academic performance (elementary GPA) showed predictive power for later preferences.
Conclusions:
- Cognitive ability appears to be a significant factor influencing economic preferences.
- There is suggestive evidence for a causal link between cognitive resources and expressed preferences.
- Findings highlight the interplay between cognition and decision-making in economic contexts.
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