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Correlations of cognitive reflection with judgments and choices

Published online by Cambridge University Press:  01 January 2023

Guillermo Campitelli*
Affiliation:
Consejo Nacional de Investigaciones Científicas y Técnicas (CONICET) Faculty of Psychology, Universidad Abierta Interamericana
Martín Labollita
Affiliation:
Faculty of Economical Sciences, Universidad de Buenos Aires
*
* Address: Centre for Retirement Income and Financial Education Research, School of Economics, Finance and Accounting, Edith Cowan University, Perth, Australia. Email: gc@estudiodepsicologia.com.ar.
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Abstract

We investigated the role of individual differences in cognitive reflection in decision making. We measured the performance of 157 participants in the cognitive reflection test (Frederick, 2005) and a number of decision-making tasks. We examined the relation of cognitive reflection with performance in tasks that assess correspondence (as distinct from coherence), such as predicting the ratings of chess players. We found significant correlations between cognitive reflection and all the estimation measures in correspondence tasks. Our results suggest that cognitive reflection is a thinking disposition that includes more characteristics than originally proposed by Frederick (2005). We proposed that cognitive reflection is related to the concept of actively open-minded thinking (Baron, 1985, 2008). We concluded that cognitive reflection is a thinking disposition that interacts with knowledge, domain-specific heuristics and characteristics of the environment and that it may play an essential role in the adaptation of the decision maker to different environments and situations.

Information

Type
Research Article
Creative Commons
Creative Common License - CCCreative Common License - BY
The authors license this article under the terms of the Creative Commons Attribution 3.0 License.
Copyright
Copyright © The Authors [2010] This is an Open Access article, distributed under the terms of the Creative Commons Attribution license (http://creativecommons.org/licenses/by/3.0/), which permits unrestricted re-use, distribution, and reproduction in any medium, provided the original work is properly cited.
Figure 0

Table 1: Bivariate correlations, means, and s.d.’s for cognitive reflection, intertemporal choice and risky choice tasks. Pearson’s r correlation coefficient above the diagonal and uncorrected p values below the diagonal. CRT= cognitive reflection test; ITC = intertemporal choice; HEVg, LEVg and LEVl = risky choices in items where the expected value of the risky option was higher than that of the certain option (domain of gains), lower than the certain option (domain of gains) and lower than the certain option (domain of losses), respectively

Figure 1

Table 2: Bivariate correlations, means, and s.d.’s for cognitive reflection and correspondence tasks. Pearson’s r correlation coefficient above the diagonal and uncorrected p values below the diagonal. RecCi = recognition of cities; RecCh = recognition of chess players; LocCi = geographical localization of cities; NatCh = nationality of chess players; Epop = estimation of population (category); Erat = estimation of rating of chess players (category); rLgPop = correlation between log actual and log reported population size; rLgRat = correlation between log actual and log reported rating of chess players

Figure 2

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