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Faith in intuition and cognitive reflection


Alós-Ferrer, Carlos; Hügelschäfer, Sabine (2016). Faith in intuition and cognitive reflection. Journal of Behavioral and Experimental Economics, 64:61-70.

Abstract

We compare two different measures of impulsive or intuitive behavior, the Cognitive Reflection Test (CRT) and a well-established psychological scale known as “Faith in Intuition” (FI), and investigate their relation to common biases in probability judgment. Using data from two laboratory experiments and a series of classroom experiments, the evidence we obtain is mixed. CRT scores and FI correlated in two data sets out of three. Both measures appear to be partially informative for some of the biases, but the effects are not systematic and depend on which exact probability-judgment question is used. Overall, CRT scores explain more variance in probability-judgment biases than FI scores. Further, gender effects interact with FI but not with CRT.

Abstract

We compare two different measures of impulsive or intuitive behavior, the Cognitive Reflection Test (CRT) and a well-established psychological scale known as “Faith in Intuition” (FI), and investigate their relation to common biases in probability judgment. Using data from two laboratory experiments and a series of classroom experiments, the evidence we obtain is mixed. CRT scores and FI correlated in two data sets out of three. Both measures appear to be partially informative for some of the biases, but the effects are not systematic and depend on which exact probability-judgment question is used. Overall, CRT scores explain more variance in probability-judgment biases than FI scores. Further, gender effects interact with FI but not with CRT.

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24 citations in Scopus®
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Applied Psychology
Social Sciences & Humanities > General Social Sciences
Social Sciences & Humanities > Economics and Econometrics
Uncontrolled Keywords:Behavioral biases, intuition, cognitive reflection test
Language:English
Date:October 2016
Deposited On:16 Apr 2021 10:58
Last Modified:24 Feb 2024 02:48
Publisher:Elsevier
ISSN:2214-8043
OA Status:Closed
Publisher DOI:https://doi.org/10.1016/j.socec.2015.10.006