Cognitive Abilities and Behavioral Biases [Dataset] (doi:10.11588/data/FC6TFM)

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Part 1: Document Description
Part 2: Study Description
Part 3: Data Files Description
Part 4: Variable Description
Part 5: Other Study-Related Materials
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Document Description

Citation

Title:

Cognitive Abilities and Behavioral Biases [Dataset]

Identification Number:

doi:10.11588/data/FC6TFM

Distributor:

heiDATA

Date of Distribution:

2018-11-02

Version:

Bibliographic Citation:

Oechssler, Jörg; Roider, Andreas; Schmitz, Patrick W., 2018, "Cognitive Abilities and Behavioral Biases [Dataset]", https://doi.org/10.11588/data/FC6TFM, heiDATA, V1, UNF:6:Ur0lg1+9V8E/LgM9GE822w== [fileUNF]

Study Description

Citation

Title:

Cognitive Abilities and Behavioral Biases [Dataset]

Identification Number:

doi:10.11588/data/FC6TFM

Authoring Entity:

Oechssler, Jörg (Alfred-Weber-Institute of Economics, Heidelberg University, Germany)

Roider, Andreas (Alfred-Weber-Institute of Economics, Heidelberg University, Germany)

Schmitz, Patrick W. (Department of Economics, University of Cologne, Germany)

Distributor:

heiDATA

Distributor:

heiDATA: Heidelberg Research Data Repository

Access Authority:

Oechssler, Jörg

Date of Deposit:

2018-10-30

Holdings Information:

https://doi.org/10.11588/data/FC6TFM

Study Scope

Keywords:

Social Sciences, Behavioral finance, Biases, Cognitive abilities, Cognitive reflection test

Topic Classification:

C91, D80, D90, J24

Abstract:

We use a simple, three-item test for cognitive abilities to investigate whether established behavioral biases that play a prominent role in behavioral economics and finance are related to cognitive abilities.We find that higher test scores on the cognitive reflection test of Frederick [Frederick, S., 2005. Cognitive reflection and decision-making. Journal of Economic Perspectives 19, 25–42] indeed are correlated with lower incidences of the conjunction fallacy and conservatism in updating probabilities. Test scores are also significantly related to subjects’ time and risk preferences. Test scores have no influence on the amount of anchoring, although there is evidence of anchoring among all subjects. Even if incidences of most biases are lower for people with higher cognitive abilities, they still remain substantial.

Methodology and Processing

Sources Statement

Data Access

Other Study Description Materials

Related Publications

Citation

Title:

Jörg Oechssler, Andreas Roider, Patrick W. Schmitz, Cognitive abilities and behavioral biases, Journal of Economic Behavior & Organization, Volume 72, Issue 1, 2009, Pages 147-152.

Identification Number:

10.1016/j.jebo.2009.04.018

Bibliographic Citation:

Jörg Oechssler, Andreas Roider, Patrick W. Schmitz, Cognitive abilities and behavioral biases, Journal of Economic Behavior & Organization, Volume 72, Issue 1, 2009, Pages 147-152.

File Description--f2237

File: data-1.tab

Number of cases: 564
No. of variables per record: 16
Type of File: text/tab-separated-values

Notes:

UNF:6:OfvALoHUKty/vq1z7bo5qg==

File Description--f2236

File: data.tab

Number of cases: 564
No. of variables per record: 16
Type of File: text/tab-separated-values

Notes:

UNF:6:abtZT2ai4Jtp2ZsXAy2ttQ==

Variable Description

List of Variables:

age - age
ball - ball
fieldofstudy - fieldofstudy
gender - gender
getlottery - getlottery
linda - linda
lostrommeln37 - lostrommeln37
machine - machine
nowmonth - nowmonth
paylottery - paylottery
roses - roses
semester - semester
smsalledrei - smsalledrei
student - student
userid - userid
zehnodersechzig - zehnodersechzig
age - Age
ball - Bat and ball
fieldofstudy - Field of Study
gender - Gender
get_lottery - safe or risky
linda - Linda: What is more likely?
lostrommeln_3_7 - Two urns (A with 3b7r, B with 7b3r): Probability that 8r4b was drawn from A
machine - Widgets
now_month - Payment now or in a month
pay_lottery - safe or risky
roses - Lily pads
semester - Semester
sms_alle_drei - What fraction of subjects has answered all three questions correctly
student - Student status
userid - ID
zehn_oder_sechzig - Anchor

Variables

age

f2237 Location:

Summary Statistics: Min. 1.0; StDev 4.2577240222110255; Max. 55.0; Valid 564.0; Mean 23.94326241134752

Variable Format: numeric

Notes: UNF:6:MLSQakUSX6WecHCuybgf2w==

ball

f2237 Location:

Summary Statistics: Min. -99.0; Max. 5450.0; Mean 19.347517730496534; Valid 564.0; StDev 229.78816365010135;

Variable Format: numeric

Notes: UNF:6:C/5Zl4lbUOooxCTIgzaUpg==

fieldofstudy

f2237 Location:

Variable Format: character

Notes: UNF:6:p+CppmB0y+sG8TKlOBBGlg==

gender

f2237 Location:

Variable Format: character

Notes: UNF:6:Rt0VnjVlCtLpRWLh7MAGiQ==

getlottery

f2237 Location:

Summary Statistics: StDev 4.343655068576887; Min. -99.0; Valid 564.0; Mean 3.290780141843972; Max. 4.0;

Variable Format: numeric

Notes: UNF:6:TBrCNrADXIMHlvLhYKGX/g==

linda

f2237 Location:

Summary Statistics: StDev 6.23423903670109; Max. 6.0; Valid 564.0; Min. -99.0; Mean 5.079787234042552

Variable Format: numeric

Notes: UNF:6:aKU57BDQlUfJKfNhJ/P1rw==

lostrommeln37

f2237 Location:

Summary Statistics: Mean 63.36956521739134; Valid 552.0; Min. -99.0; StDev 30.51822842557059; Max. 100.0

Variable Format: numeric

Notes: UNF:6:ml0/BtgDbr71AL1AYoQEzA==

machine

f2237 Location:

Summary Statistics: Mean 40.41489361702123; Min. -99.0; Valid 564.0; Max. 1001.0; StDev 95.19913610379386

Variable Format: numeric

Notes: UNF:6:mJQ2gDszsImM5ctSnIsUSQ==

nowmonth

f2237 Location:

Summary Statistics: Mean 1.5478723404255332; Valid 564.0; StDev 6.010604519563807; Min. -99.0; Max. 2.0

Variable Format: numeric

Notes: UNF:6:QoHaOAPQHeebLREBThQUvg==

paylottery

f2237 Location:

Summary Statistics: Mean 4.882978723404254; Max. 6.0; Valid 564.0; Min. -99.0; StDev 4.389207779346332;

Variable Format: numeric

Notes: UNF:6:Cwo+ad0mfdSzL+zsLeTm8Q==

roses

f2237 Location:

Summary Statistics: Valid 564.0; StDev 32.01595401105397; Min. -99.0; Mean 39.66843971631202; Max. 576.0

Variable Format: numeric

Notes: UNF:6:JKm+NEeWZaIW1unQCsopmg==

semester

f2237 Location:

Summary Statistics: Mean 5.542553191489362; Valid 564.0; StDev 3.8238242422385866; Min. 0.0; Max. 20.0;

Variable Format: numeric

Notes: UNF:6:S9PYKBBRQ9/B02PqqD0POQ==

smsalledrei

f2237 Location:

Summary Statistics: Max. 97.0; Min. -99.0; Mean 47.74290780141845; StDev 25.523427111070877; Valid 564.0;

Variable Format: numeric

Notes: UNF:6:dlNsFXNNmFHfZvpHWfxx5A==

student

f2237 Location:

Variable Format: character

Notes: UNF:6:C8SH/fpywyRmzbHJFWY1Xw==

userid

f2237 Location:

Summary Statistics: Valid 564.0; Min. 2.0; Max. 739.0; StDev 178.06700824462632; Mean 302.4840425531916;

Variable Format: numeric

Notes: UNF:6:4eGYRVB5+nCFj22CxcYUug==

zehnodersechzig

f2237 Location:

Summary Statistics: Valid 564.0; StDev 25.02203531113521; Mean 34.91134751773049; Min. 10.0; Max. 60.0

Variable Format: numeric

Notes: UNF:6:jecasyWJBlY51SMhx97iUQ==

Age

f2236 Location:

Summary Statistics: Min. 1.0; Valid 564.0; Max. 55.0; StDev 4.2577240222110255; Mean 23.94326241134752

Variable Format: numeric

Notes: UNF:6:MLSQakUSX6WecHCuybgf2w==

Bat and ball

f2236 Location:

Summary Statistics: Mean 19.347517730496534; StDev 229.78816365010135; Min. -99.0; Valid 564.0; Max. 5450.0

Variable Format: numeric

Notes: UNF:6:C/5Zl4lbUOooxCTIgzaUpg==

Field of Study

f2236 Location:

Variable Format: character

Notes: UNF:6:p+CppmB0y+sG8TKlOBBGlg==

Gender

f2236 Location:

Variable Format: character

Notes: UNF:6:Rt0VnjVlCtLpRWLh7MAGiQ==

safe or risky

f2236 Location:

Value	Label	Frequency	Text
3.	safe
4.	risky

Summary Statistics: Min. -99.0; Max. 4.0; Valid 564.0; StDev 4.343655068576887; Mean 3.290780141843972

Variable Format: numeric

Notes: UNF:6:TBrCNrADXIMHlvLhYKGX/g==

Linda: What is more likely?

f2236 Location:

Value	Label	Frequency	Text
6.	bank + feminist
5.	bank

Summary Statistics: Mean 5.079787234042552; Min. -99.0; Valid 564.0; StDev 6.23423903670109; Max. 6.0;

Variable Format: numeric

Notes: UNF:6:aKU57BDQlUfJKfNhJ/P1rw==

Two urns (A with 3b7r, B with 7b3r): Probability that 8r4b was drawn from A

f2236 Location:

Summary Statistics: StDev 30.51822842557059; Max. 100.0; Min. -99.0; Mean 63.36956521739134; Valid 552.0;

Variable Format: numeric

Notes: UNF:6:ml0/BtgDbr71AL1AYoQEzA==

Widgets

f2236 Location:

Summary Statistics: Max. 1001.0; StDev 95.19913610379386; Mean 40.41489361702123; Min. -99.0; Valid 564.0;

Variable Format: numeric

Notes: UNF:6:mJQ2gDszsImM5ctSnIsUSQ==

Payment now or in a month

f2236 Location:

Value	Label	Frequency	Text
1.	now
2.	in a month

Summary Statistics: Valid 564.0; StDev 6.010604519563807; Min. -99.0; Mean 1.5478723404255332; Max. 2.0;

Variable Format: numeric

Notes: UNF:6:QoHaOAPQHeebLREBThQUvg==

safe or risky

f2236 Location:

Value	Label	Frequency	Text
5.	safe
6.	risky

Summary Statistics: StDev 4.389207779346332; Max. 6.0; Mean 4.882978723404254; Valid 564.0; Min. -99.0

Variable Format: numeric

Notes: UNF:6:Cwo+ad0mfdSzL+zsLeTm8Q==

Lily pads

f2236 Location:

Summary Statistics: Mean 39.66843971631202; Min. -99.0; StDev 32.01595401105397; Valid 564.0; Max. 576.0

Variable Format: numeric

Notes: UNF:6:JKm+NEeWZaIW1unQCsopmg==

Semester

f2236 Location:

Variable Format: character

Notes: UNF:6:iCKpTgcrxp9p288uVlaKrw==

What fraction of subjects has answered all three questions correctly

f2236 Location:

Summary Statistics: Valid 564.0; Max. 97.0; Min. -99.0; Mean 47.74290780141845; StDev 25.523427111070877;

Variable Format: numeric

Notes: UNF:6:dlNsFXNNmFHfZvpHWfxx5A==

Student status

f2236 Location:

Variable Format: character

Notes: UNF:6:C8SH/fpywyRmzbHJFWY1Xw==

f2236 Location:

Summary Statistics: Min. 2.0; StDev 178.06700824462632; Max. 739.0; Valid 564.0; Mean 302.4840425531916

Variable Format: numeric

Notes: UNF:6:4eGYRVB5+nCFj22CxcYUug==

Anchor

f2236 Location:

Summary Statistics: StDev 25.02203531113521; Min. 10.0; Valid 564.0; Mean 34.91134751773049; Max. 60.0;

Variable Format: numeric

Notes: UNF:6:jecasyWJBlY51SMhx97iUQ==

Other Study-Related Materials

Label:

analyze.sps

Notes:

application/x-spss-syntax

Other Study-Related Materials

Label:

readme.pdf

Notes:

application/pdf

Other Study-Related Materials

Label:

readme.tex

Notes:

text/x-tex

Other Study-Related Materials

Label:

results.pdf

Notes:

application/pdf