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Cognitive ability and observed behavior in laboratory experiments: implications for macroeconomic theory

Nobuyuki Hanaki ()

The Japanese Economic Review, 2020, vol. 71, issue 3, No 1, 355-378

Abstract: Abstract This paper discusses the relationships between the “measured” cognitive ability of participants and their behavior as observed during laboratory experiments. Based on such relationships, macroeconomic implications of micro-level “boundedly rational” individual behavior will be discussed. The paper also addresses potential problems that arise when insufficient attention is paid to large differences in the measured cognitive ability of participants across several experimental laboratories, influencing the replicability of existing experimental results but also the interpretation of results from cross-country experimental analyses, and proposes to complement participants’ database with individual characteristics.

Keywords: Cognitive ability; Laboratory experiments; Strategic environment effect (search for similar items in EconPapers)
JEL-codes: C90 D84 (search for similar items in EconPapers)
Date: 2020
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Working Paper: Cognitive ability and observed behavior in laboratory experiments: implications for macroeconomic theory (2019)
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DOI: 10.1007/s42973-019-00018-7

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