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| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Cognitive sophistication and deliberation times |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Experimental Economics |
| Publisher | Springer |
| Geographical Reach | international |
| ISSN | 1386-4157 |
| Volume | 24 |
| Number | 2 |
| Page Range | 558 - 592 |
| Date | 2021 |
| Abstract Text | Differences in cognitive sophistication and effort are at the root of behavioral heterogeneity in economics. To explain this heterogeneity, behavioral models assume that certain choices indicate higher cognitive effort. A fundamental problem with this approach is that observing a choice does not reveal how the choice is made, and hence choice data is insufficient to establish the link between cognitive effort and behavior. We show that deliberation times provide an individually-measurable correlate of cognitive effort. We test a model of heterogeneous cognitive depth, incorporating stylized facts from the psychophysical literature, which makes predictions on the relation between choices, cognitive effort, incentives, and deliberation times. We confirm the predicted relations experimentally in different kinds of games. |
| Related URLs | |
| Digital Object Identifier | 10.1007/s10683-020-09672-w |
| Other Identification Number | merlin-id:20268 |
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| Keywords | Economics, econometrics and finance (miscellaneous), heterogeneity, iterative reasoning, cognitive sophistication, deliberation times, depth of reasoning, cognitive effort |
| Additional Information | Earlier published as ECON Working Paper No. 292: https://www.zora.uzh.ch/id/eprint/152597/ |