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Patience, Cognitive Abilities, and Cognitive Effort: Survey and Experimental Evidence from a Developing Country

Stefania Bortolotti, Thomas Dohmen (), Hartmut Lehmann, Frauke Meyer, Norberto Pignatti () and Karine Torosyan
Additional contact information
Hartmut Lehmann: National Research University, Higher School of Economics, Russia; IZA, University of Bologna
Frauke Meyer: Forschungszentrum Jülich
Karine Torosyan: International School of Economics at Tbilisi State University (ISET)

No 48, ECONtribute Discussion Papers Series from University of Bonn and University of Cologne, Germany

Abstract: We shed new light on the relationship between cognition and patience, by providing documenting that the correlation between cognitive abilities and delay discounting is weaker for the same group of individuals if choices are incentivized. We conjecture that the exertion of higher cognitive effort, which induces higher involvement of the cognitive system, moderates the relationship between patience and cognition. To test this hypothesis, we analyze the relationship between various measures of cognitive ability, including the cognitive reffection test (CRT), a symbol-correspondence test, a numeracy test, as well as self-reported math ability and the interviewer's assessment of the respondent's sharpness and understanding, and different measures of patience, including incentivized choices between smaller sooner and larger later monetary payments and hypothetical inter-temporal trade-offs, for 107 subjects drawn from the adult population in Tbilisi (Georgia).

Pages: 21 pages
Date: 2020-12
New Economics Papers: this item is included in nep-exp and nep-neu
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https://www.econtribute.de/RePEc/ajk/ajkdps/ECONtribute_048_2020.pdf First version, 2020 (application/pdf)

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Working Paper: Patience, Cognitive Abilities, and Cognitive Effort: Survey and Experimental Evidence from a Developing Country (2021) Downloads
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