Thinking fast, thinking badly

Article

Jimenez Jimenez, N., Rodriguez-Lara, I., Tyran, J. and Wengstrom, E. 2018. Thinking fast, thinking badly. Economics Letters. 162, pp. 41-44. https://doi.org/10.1016/j.econlet.2017.10.018
TypeArticle
TitleThinking fast, thinking badly
AuthorsJimenez Jimenez, N., Rodriguez-Lara, I., Tyran, J. and Wengstrom, E.
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.

KeywordsCognitive abilities; Cognitive reflection; Response times; Intuitive behavior; Reflective behavior
PublisherElsevier
JournalEconomics Letters
ISSN0165-1765
Electronic1873-7374
Publication dates
Online03 Nov 2017
Print01 Jan 2018
Publication process dates
Deposited26 Oct 2017
Accepted20 Oct 2017
Output statusPublished
Publisher's version
License
File Access Level
Open
Copyright Statement

© 2017 The Authors. Published by Elsevier B.V. This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

Digital Object Identifier (DOI)https://doi.org/10.1016/j.econlet.2017.10.018
Web of Science identifierWOS:000423001500011
LanguageEnglish
Permalink -

https://repository.mdx.ac.uk/item/873y3

Log in to edit

Download files

Publisher's version
1-s2.0-S0165176517304342-main.pdf
License: CC BY-NC-ND 4.0
File access level: Open

Article has an altmetric score of 3
  • 47
    total views
  • 8
    total downloads
  • 1
    views this month
  • 0
    downloads this month

Export as

Related outputs

When the rich do (not) trust the (newly) rich: experimental evidence on the effects of positive random shocks in the trust game
Bejarano, H., Gillet, J. and Rodriguez-Lara, I. 2025. When the rich do (not) trust the (newly) rich: experimental evidence on the effects of positive random shocks in the trust game. Southern Economic Journal. https://doi.org/10.1002/soej.12758
Trust and trustworthiness after negative random shocks
Bejarano, H., Gillet, J. and Rodriguez-Lara, I. 2021. Trust and trustworthiness after negative random shocks. Journal of Economic Psychology. 86. https://doi.org/10.1016/j.joep.2021.102422
Social influence and position effects
Hidalgo-Hidalgo, M., Jimenez Jimenez, N. and Lopez-Pintado, D. 2021. Social influence and position effects. Journal of Economic Behavior and Organization. 182, pp. 113-131. https://doi.org/10.1016/j.jebo.2020.11.031
Preferences for efficiency, rather than preferences for morality, drive cooperation in the one-shot Stag-Hunt game
Capraro, V., Rodriguez-Lara, I. and Ruiz-Martos, M. 2020. Preferences for efficiency, rather than preferences for morality, drive cooperation in the one-shot Stag-Hunt game. Journal of Behavioral and Experimental Economics. 86. https://doi.org/10.1016/j.socec.2020.101535
The effect of initial inequality on meritocracy: a voting experiment on tax redistribution
Jimenez Jimenez, N., Molis Bañales, E. and Solano García, Á. 2020. The effect of initial inequality on meritocracy: a voting experiment on tax redistribution. Journal of Economic Behavior and Organization. 175, pp. 380-394. https://doi.org/10.1016/j.jebo.2018.09.019
Cheating, incentives, and money manipulation
Charness, G., Blanco-Jimenez, C., Ezquerra, L. and Rodriguez-Lara, I. 2019. Cheating, incentives, and money manipulation. Experimental Economics: A Journal of the Economic Science Association. 22 (1), pp. 155-177. https://doi.org/10.1007/s10683-018-9584-1
No evidence of inequality aversion in the investment game
Rodriguez-Lara, I. 2018. No evidence of inequality aversion in the investment game. PLoS ONE. 13 (10). https://doi.org/10.1371/journal.pone.0204392
Do negative random shocks affect trust and trustworthiness?
Bejarano, H., Gillet, J. and Rodriguez-Lara, I. 2018. Do negative random shocks affect trust and trustworthiness? Southern Economic Journal. 85 (2), pp. 563-579. https://doi.org/10.1002/soej.12302
Gender differences in cheating: loss vs gain framing
Ezquerra Guerra, L., Kolev, G. and Rodriguez-Lara, I. 2018. Gender differences in cheating: loss vs gain framing. Economics Letters. 163, pp. 46-19. https://doi.org/10.1016/j.econlet.2017.11.016
Panic bank runs
Kiss, H., Rodriguez-Lara, I. and Rosa-García, A. 2018. Panic bank runs. Economics Letters. 162, pp. 146-149. https://doi.org/10.1016/j.econlet.2017.11.014
The emergence of altruism as a social norm
Pereda, M., Branas-Garza, P., Rodriguez-Lara, I. and Sanchez, A. 2017. The emergence of altruism as a social norm. Scientific Reports. 7. https://doi.org/10.1038/s41598-017-07712-9
Overthrowing the dictator: a game-theoretic approach to revolutions and media
Kiss, H., Rodriguez-Lara, I. and Rosa-García, A. 2017. Overthrowing the dictator: a game-theoretic approach to revolutions and media. Social Choice and Welfare. 49 (2), pp. 329-355. https://doi.org/10.1007/s00355-017-1067-3
Eliciting real-life social networks: a guided tour
Branas-Garza, P., Jimenez Jimenez, N. and Ponti, G. 2017. Eliciting real-life social networks: a guided tour. Journal of Behavioral Economics for Policy. 1 (1), pp. 33-39.
Humans expect generosity
Branas-Garza, P., Rodriguez-Lara, I. and Sanchez, A. 2017. Humans expect generosity. Scientific Reports. 7. https://doi.org/10.1038/srep42446
Job security and long-term investment: an experimental analysis
Charness, G., Cobo-Reyes, R., Jimenez Jimenez, N., Lacomba, J. and Lagos, F. 2017. Job security and long-term investment: an experimental analysis. European Economic Review. 95, pp. 195-214. https://doi.org/10.1016/j.euroecorev.2017.03.014
Social motives vs social influence: an experiment on interdependent time preferences
Rodriguez-Lara, I. and Ponti, G. 2017. Social motives vs social influence: an experiment on interdependent time preferences. Games and Economic Behavior. 105, pp. 177-194. https://doi.org/10.1016/j.geb.2017.06.007
Financial crisis and panic in the laboratory
Kiss, H., Rodriguez-Lara, I. and Rosa-García, A. 2016. Financial crisis and panic in the laboratory. in: Branas-Garza, P. and Cabrales, A. (ed.) Experimental Economics: Volume II: Economic Applications London Palgrave Macmillan UK. pp. 92-121
Carry a big stick, or no stick at all: punishment and endowment heterogeneity in the trust game
Calabuig, V., Fatas, E., Olcina, G. and Rodriguez-Lara, I. 2016. Carry a big stick, or no stick at all: punishment and endowment heterogeneity in the trust game. Journal of Economic Psychology. 57, pp. 153-171. https://doi.org/10.1016/j.joep.2016.09.006
Equity and bargaining power in ultimatum games
Rodriguez-Lara, I. 2016. Equity and bargaining power in ultimatum games. Journal of Economic Behavior and Organization. 130, pp. 144-165. https://doi.org/10.1016/j.jebo.2016.07.007
An experimental study of gender differences in distributive justice
Rodriguez-Lara, I. 2015. An experimental study of gender differences in distributive justice. Cuadernos de Economía - Spanish Journal of Economics and Finance. 38 (106), pp. 27-36. https://doi.org/10.1016/j.cesjef.2014.01.001
Do social networks prevent or promote bank runs?
Kiss, H., Rodriguez-Lara, I. and Rosa-García, A. 2014. Do social networks prevent or promote bank runs? Journal of Economic Behavior and Organization. 101, pp. 87-99. https://doi.org/10.1016/j.jebo.2014.01.019
Inequality aversion among Spanish gypsies: an experimental approach [Aversión a la desigualdad entre gitanos Españoles: un enfoque experimental]
Cobo Reyes, R., Jimenez Jimenez, N. and Solano García, Á. 2008. Inequality aversion among Spanish gypsies: an experimental approach [Aversión a la desigualdad entre gitanos Españoles: un enfoque experimental]. Revista Internacional de Sociología. LXVI (49), pp. 47-60. https://doi.org/10.3989/ris.2008.i49.82
Are you a good employee or simply a good guy? influence costs and contract design
Corgnet, B. and Rodriguez-Lara, I. 2013. Are you a good employee or simply a good guy? influence costs and contract design. Journal of Economic Behavior and Organization. 92, pp. 259-272. https://doi.org/10.1016/j.jebo.2013.06.003
Do women panic more than men? an experimental study of financial decisions
Kiss, H., Rodriguez-Lara, I. and Rosa-García, A. 2014. Do women panic more than men? an experimental study of financial decisions. Journal of Behavioral and Experimental Economics. 52, pp. 40-51. https://doi.org/10.1016/j.socec.2014.06.003
Think twice before running! Bank runs and cognitive abilities
Kiss, H., Rodriguez-Lara, I. and Rosa-García, A. 2016. Think twice before running! Bank runs and cognitive abilities. Journal of Behavioral and Experimental Economics. 64, pp. 12-19. https://doi.org/10.1016/j.socec.2015.01.006
Social preferences and cognitive reflection: evidence from a dictator game experiment
Ponti, G. and Rodriguez-Lara, I. 2015. Social preferences and cognitive reflection: evidence from a dictator game experiment. Frontiers in Behavioral Neuroscience. 9. https://doi.org/10.3389/fnbeh.2015.00146
Preferencias sobre los demás
Branas-Garza, P. and Jimenez Jimenez, N. 2009. Preferencias sobre los demás. in: Garcia-Bermejo, J. (ed.) Sobre la Economía y sus métodos. Enciclopedia Iberoamericana de Filosofía Madrid Editorial Trotta.
Identities, selection, and contributions in a public-goods game
Charness, G., Cobo-Reyes, R. and Jimenez Jimenez, N. 2014. Identities, selection, and contributions in a public-goods game. Games and Economic Behavior. 87, pp. 322-338. https://doi.org/10.1016/j.geb.2014.05.002
On the effects of deposit insurance and observability on bank runs: an experimental study
Kiss, H., Rodriguez-Lara, I. and Rosa-García, A. 2012. On the effects of deposit insurance and observability on bank runs: an experimental study. Journal of Money, Credit and Banking. 44 (8), pp. 1651-1665. https://doi.org/10.1111/j.1538-4616.2012.00548.x
The hidden advantage of delegation: pareto-improvements in a gift-exchange game
Charness, G., Cobo-Reyes, R., Jimenez Jimenez, N., Lacomba, J. and Lagos, F. 2012. The hidden advantage of delegation: pareto-improvements in a gift-exchange game. American Economic Review. 102 (5), pp. 2358-2379. https://doi.org/10.1257/aer.102.5.2358
Prosocial norms and degree heterogeneity in social networks
Kovářík, J., Branas-Garza, P., Cobo-Reyes, R., Espinosa, M., Jimenez Jimenez, N. and Ponti, G. 2012. Prosocial norms and degree heterogeneity in social networks. Physica A: Statistical Mechanics and its Applications. 391 (3), pp. 849-853. https://doi.org/10.1016/j.physa.2011.08.040
The dark side of friendship: 'envy'
Cobo-Reyes, R. and Jimenez Jimenez, N. 2012. The dark side of friendship: 'envy'. Experimental Economics: A Journal of the Economic Science Association. 15 (4), pp. 547-570. https://doi.org/10.1007/s10683-012-9313-0
Self-interest and fairness: self-serving choices of justice principles
Rodriguez-Lara, I. and Moreno-Garrido, L. 2012. Self-interest and fairness: self-serving choices of justice principles. Experimental Economics: A Journal of the Economic Science Association. 15 (1), pp. 158-175. https://doi.org/10.1007/s10683-011-9295-3
Altruism and social integration
Branas-Garza, P., Cobo-Reyes, R., Espinosa, M., Jimenez Jimenez, N., Kovářík, J. and Ponti, G. 2010. Altruism and social integration. Games and Economic Behavior. 69 (10), pp. 249-257. https://doi.org/10.1016/j.geb.2009.10.014
Are women expected to be more generous?
Aguiar, F., Branas-Garza, P., Cobo-Reyes, R., Jimenez Jimenez, N. and Miller, L. 2009. Are women expected to be more generous? Experimental Economics: A Journal of the Economic Science Association. 12 (1), pp. 93-98. https://doi.org/10.1007/s10683-008-9199-z
An investment game with third-party intervention
Charness, G., Cobo-Reyes, R. and Jimenez Jimenez, N. 2008. An investment game with third-party intervention. Journal of Economic Behavior and Organization. 68 (1), pp. 18-28. https://doi.org/10.1016/j.jebo.2008.02.006