Literaturnachweis - Detailanzeige
Autor/inn/en | Enke, Benjamin; Genîzî, Ûrî; Hall, Brian J.; Martin, David; Nelidov, Vadim; Offerman, Theo; Ven, Jeroen van de |
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Institution | National Bureau of Economic Research |
Titel | Cognitive Biases. Mistakes or Missing Stakes? |
Quelle | Cambridge, Mass.: National Bureau of Economic Research (2021)
PDF als Volltext (1); PDF als Volltext (2) |
Reihe | NBER working paper series. w28650 |
Beigaben | Illustrationen |
Sprache | englisch |
Dokumenttyp | online; Monographie; Graue Literatur |
DOI | 10.3386/w28650 |
Schlagwörter | Fehler; Experiment; Arbeitspapier; Systematisierung; Student; Nairobi |
Abstract | Despite decades of research on heuristics and biases, empirical evidence on the effect of large incentives - as present in relevant economic decisions - on cognitive biases is scant. This paper tests the effect of incentives on four widely documented biases: base rate neglect, anchoring, failure of contingent thinking, and intuitive reasoning in the Cognitive Reflection Test. In laboratory experiments with 1,236 college students in Nairobi, we implement three incentive levels: no incentives, standard lab payments, and very high incentives that increase the stakes by a factor of 100 to more than a monthly income. We find that response times - a proxy for cognitive effort - increase by 40% with very high stakes. Performance, on the other hand, improves very mildly or not at all as incentives increase, with the largest improvements due to a reduced reliance on intuitions. In none of the tasks are very high stakes sufficient to de-bias participants, or come even close to doing so. |
Erfasst von | ZBW - Leibniz-Informationszentrum Wirtschaft, Kiel |
Update | 2021/4 |