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- Thomas Dohmen
- Research Centre for Education and the Labour Market, Maastricht University, Tongersestraat 53, 6211 LM Maastricht, Netherlands.
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- Armin Falk
- Department of Economics, University of Bonn, Adenauerallee 24-42, 53113 Bonn, Germany.
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- David Huffman
- Department of Economics, Swarthmore College, 500 College Avenue, Swarthmore, PA 19081-1397.
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- Uwe Sunde
- Department of Economics, University of St. Gallen, Varnbuelstr. 14, 9000 St. Gallen, Switzerland.
説明
<jats:p>This paper investigates whether there is a link between cognitive ability, risk aversion, and impatience, using a representative sample of roughly 1,000 German adults. Subjects participate in choice experiments with monetary incentives measuring risk aversion, and impatience over an annual horizon, and conduct two different, widely used, tests of cognitive ability. We find that lower cognitive ability is associated with greater risk aversion, and more pronounced impatience. These relationships are significant, and robust to controlling for personal characteristics, education, income, and measures of credit constraints. We perform a series of additional robustness checks, which help rule out other possible confounds.</jats:p>
収録刊行物
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- American Economic Review
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American Economic Review 100 (3), 1238-1260, 2010-06-01
American Economic Association
