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Cognitive Reflection Predicts Real-Life Decision Outcomes, but Not Over and Above Personality and Decision-Making Styles

Juanchich, M and Dewberry, C and Sirota, M and Narendran, S (2016) 'Cognitive Reflection Predicts Real-Life Decision Outcomes, but Not Over and Above Personality and Decision-Making Styles.' Journal of Behavioral Decision Making, 29 (1). 52 - 59. ISSN 0894-3257

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Abstract

The Cognitive Reflection Test (CRT), designed to assess the ability to inhibit intuition to process a problem analytically, predicts people's performance in many normative judgement and decision-making tasks (e.g., Bayesian reasoning, conjunction fallacy and ratio bias). However, how the CRT predicts normative decision-making performance is unclear, and little is known about the extent to which the CRT predicts real-life decision outcomes. We investigate the role of the CRT in predicting real-life decision outcomes and examine whether the CRT predicts real-life decision outcomes after controlling for two related individual differences: the Big Five personality traits and decision-making styles. Our results show that greater CRT scores predict positive real-life decision outcomes measured by the Decision Outcome Inventory. However, the effect size was small, and the relationship became non-significant after statistically controlling for personality and decision-making styles. We discuss the limited predictive role of cognitive reflection in real-life decision-making outcomes, along with the roles of personality and decision-making styles.

Item Type: Article
Uncontrolled Keywords: cognitive reflection; decision outcome; decision-making styles; personality; individual differences
Subjects: B Philosophy. Psychology. Religion > BF Psychology
Divisions: Faculty of Science and Health > Psychology, Department of
Depositing User: Marie Juanchich
Date Deposited: 22 Sep 2015 12:03
Last Modified: 06 Oct 2017 15:15
URI: http://repository.essex.ac.uk/id/eprint/14979

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