Who is “ Behavioral ” ? Cognitive Ability and Anomalous Preferences

  title={Who is “ Behavioral ” ? Cognitive Ability and Anomalous Preferences},
  author={Daniel J Benjamin},
In this paper, we ask whether variation in preference anomalies is related to variation in cognitive ability. Evidence from a new laboratory study of Chilean high school students shows that small-stakes risk aversion and short-run discounting are less common among those with higher standardized test scores, although anomalies persist even among the highest-scoring individuals. The relationship with test scores does not appear to result from differences in parental education or wealth. A… CONTINUE READING
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