000			02626cam a22003977 4500
001			w28650
003			NBER
005			20211020103234.0
006			m o d
007			cr cnu||||||||
008			210910s2021 mau fo 000 0 eng d
100	1		_aEnke, Benjamin.
245	1	0	_aCognitive Biases: _bMistakes or Missing Stakes? / _cBenjamin Enke, Uri Gneezy, Brian Hall, David C. Martin, Vadim Nelidov, Theo Offerman, Jeroen van de Ven.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2021.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w28650
500			_aApril 2021.
520	3		_aDespite decades of research on heuristics and biases, empirical evidence on the effect of large incentives - as present in relevant economic decisions - on cognitive biases is scant. This paper tests the effect of incentives on four widely documented biases: base rate neglect, anchoring, failure of contingent thinking, and intuitive reasoning in the Cognitive Reflection Test. In laboratory experiments with 1,236 college students in Nairobi, we implement three incentive levels: no incentives, standard lab payments, and very high incentives that increase the stakes by a factor of 100 to more than a monthly income. We find that response times - a proxy for cognitive effort - increase by 40% with very high stakes. Performance, on the other hand, improves very mildly or not at all as incentives increase, with the largest improvements due to a reduced reliance on intuitions. In none of the tasks are very high stakes sufficient to de-bias participants, or come even close to doing so.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aD01 - Microeconomic Behavior: Underlying Principles _2Journal of Economic Literature class.
690		7	_aD03 - Behavioral Microeconomics: Underlying Principles _2Journal of Economic Literature class.
700	1		_aGneezy, Uri. _911489
700	1		_aHall, Brian.
700	1		_aMartin, David C.
700	1		_aNelidov, Vadim.
700	1		_aOfferman, Theo.
700	1		_avan de Ven, Jeroen.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w28650.
856	4	0	_uhttps://www.nber.org/papers/w28650
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w28650
942			_2ddc _cW-PAPER
999			_c388179 _d346741