Thinking Fast, Thinking Badly
37 Pages Posted: 4 Nov 2017
Date Written: November 2, 2017
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.
Keywords: cognitive ability, cognitive reflection, response time, intuitive behavior, reflective behavior
JEL Classification: C91
Suggested Citation: Suggested Citation