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

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

No 001-21, Working Papers from International School of Economics at TSU, Tbilisi, Republic of Georgia

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 reflection 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 di↵erent 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: 20 pages
Date: 2021
New Economics Papers: this item is included in nep-exp, nep-isf, nep-neu and nep-tra
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https://iset.tsu.ge/files/wp_01-21_Patience%20Cogn ... gnitive%20Effort.pdf

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