@Article{Frederick2005,
  author    = {Shane Frederick},
  journal   = {Journal of Economic Perspectives},
  title     = {Cognitive Reflection and Decision Making},
  year      = {2005},
  month     = {nov},
  number    = {4},
  pages     = {25--42},
  volume    = {19},
  abstract  = {his article introduces a three-item "Cognitive Reflection Test" (CRT) as a simple measure of one type of cognitive ability. CRT scores are predictive of the types of choices that feature prominently in tests of decision-making theories, like expected utility theory and prospect theory. Indeed, the relation is sometimes so strong that the preferences themselves effectively function as expressions of cognitive ability—an empirical fact begging for a theoretical explanation. After introducing the CRT, the author examine its relations with two important decision making characteristics: time preference and risk preference. The CRT is then compared with other measures of cognitive ability or cognitive "style," including the Wonderlic Personnel Test (WPT), the Need For Cognition scale (NFC) and self reported SAT and ACT scores. The CRT exhibits considerable difference between men and women, and I discuss how this relates to sex differences in time and risk preferences. The final section discusses the interpretation of correlations between cognitive abilities and decision-making characteristics.},
  doi       = {10.1257/089533005775196732},
  groups    = {Scales and tests},
  publisher = {American Economic Association},
}

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