Cognitive Ability and Economic Decision Making - A study comparing cognitive reflection and intelligence quotient in decision time in various economic situations
Cognitive ability can be measured with several different instruments. The first thing that springs to mind is probably IQ or knowledge tests, such as the SAT. In 2005, a new test came out on the market, the cognitive reflection test (CRT). This test was constructed differently, namely to capture cognitive reflection, an ability to use system 2 in an effective way. System 2 is a concept from the du