Thinking Fast, Thinking Badly

37 Pages Posted: 4 Nov 2017

See all articles by Natalia Jimenez

Natalia Jimenez

University of Granada - Campus de Fuentenueva

Ismael Rodriguez-Lara

University of Granada - Campus La Cartuja

Jean-Robert Tyran

University of Vienna; University of Copenhagen - Department of Economics; Centre for Economic Policy Research (CEPR)

Erik Wengström

University of Copenhagen - Department of Economics

Date Written: November 2, 2017

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.

Keywords: cognitive ability, cognitive reflection, response time, intuitive behavior, reflective behavior

JEL Classification: C91

Suggested Citation

Jimenez, Natalia and Rodriguez-Lara, Ismael and Tyran, Jean-Robert and Wengström, Erik, Thinking Fast, Thinking Badly (November 2, 2017). Available at SSRN: https://ssrn.com/abstract=3064022 or http://dx.doi.org/10.2139/ssrn.3064022

Natalia Jimenez

University of Granada - Campus de Fuentenueva ( email )

Granada
Spain

Ismael Rodriguez-Lara (Contact Author)

University of Granada - Campus La Cartuja ( email )

Campus La Cartuja
Granada
Spain

Jean-Robert Tyran

University of Vienna ( email )

Oskar-Morgenstern-Platz 1
Vienna, Vienna 1090
Austria

HOME PAGE: http://homepage.univie.ac.at/jean-robert.tyran/

University of Copenhagen - Department of Economics ( email )

Øster Farimagsgade 5
Bygning 26
1353 Copenhagen K.
Denmark
+45 353 23 027 (Phone)

HOME PAGE: http://www.econ.ku.dk/tyran/

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Erik Wengström

University of Copenhagen - Department of Economics ( email )

Øster Farimagsgade 5
Bygning 26
1353 Copenhagen K.
Denmark

HOME PAGE: http://www.econ.ku.dk/wengstrom

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