Thinking Fast, Thinking Badly

Author(s)
Natalia Jimenez, ismael Rodriguez-Lara, Jean-Robert Tyran, Erik Wengström
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.

Organisation(s)
Department of Economics, Vienna Center for Experimental Economics
External organisation(s)
Lund University, Middlesex University, Universidad Pablo de Olavide
Journal
Economics Letters
Volume
162
Pages
41-44
No. of pages
4
ISSN
0165-1765
DOI
https://doi.org/10.1016/j.econlet.2017.10.018
Publication date
01-2018
Peer reviewed
Yes
Austrian Fields of Science 2012
502045 Behavioural economics
Keywords
ASJC Scopus subject areas
Economics and Econometrics, Finance
Portal url
https://ucris.univie.ac.at/portal/en/publications/thinking-fast-thinking-badly(44861b67-d257-4d10-9c8a-7451cb2afe9b).html