COGNITIVE REFLECTION AND SOCIALLY BIASED DECISIONS

Pier Luigi Baldi · Paola Iannello · Silvia Riva · Alessandro Antonietti

29 citations0/0 files storedStudia Psychologica

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Decision-Making and Behavioral Economics Social and Intergroup Psychology Experimental Behavioral Economics Studies

Abstract

In some circumstances, the social visibility of a person we interact with can distort our evaluations and predictions by inducing people to overestimate the value of choices that included renowned individuals.Individuals who show a propensity for cognitive reflection have been shown to be less susceptible to biases in reasoning and decision-making, and therefore they should be less influenced by overestimation of choices that include renowned individuals.To test such a hypothesis, the Cognitive Reflection Test and a decision task that included a choice to interact with a renowned individual were administered.Results demonstrated that participants who had a greater ability to implement cognitive reflection were less influenced by celebrity status.Findings support the idea that cognitive reflection is associated with a reduction of decision-making bias associated with social status.

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References

2011Thinking, Fast and Slow 2005Cognitive Reflection and Decision Making 2007Dual-Processing Accounts of Reasoning, Judgment, and Social Cognition 2000Individual differences in reasoning: Implications for the rationality debate?2009Homo Heuristicus: Why Biased Minds Make Better Inferences 2011The Cognitive Reflection Test as a predictor of performance on heuristics-and-biases tasks 2008On the relative independence of thinking biases and cognitive ability.2009Cognitive abilities and behavioral biases

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2018The challenge of assessing financial literacy: alternative data analysis methods within the Italian context 2018Cognitive Style and Frame Susceptibility in Decision-Making 2016A Metacognitive Approach to Financial Literacy 2023Numerical cognitive reflection, but not verbal cognitive reflection, moderates the association between trait anxiety and affective decision‐making 2023Metacognitive Decision-Making Scenarios (MDMS): proposta di uno strumento per valutare la consapevolezza nei processi decisionali

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