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- W3160200580 abstract "Abstract Despite decades of research on heuristics and biases, evidence on the effect of large incentives on cognitive biases is scant. We test the effect of incentives on four widely documented biases: base-rate neglect, anchoring, failure of contingent thinking, and intuitive reasoning. In laboratory experiments with 1,236 college students in Nairobi, we implement three incentive levels: no incentives, standard lab payments, and very high incentives. We find that very high stakes increase response times by 40% but improve performance only very mildly or not at all. In none of the tasks do very high stakes come close to debiasing participants." @default.
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- W3160200580 date "2023-07-01" @default.
- W3160200580 modified "2023-10-01" @default.
- W3160200580 title "Cognitive Biases: Mistakes or Missing Stakes?" @default.
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- W3160200580 doi "https://doi.org/10.1162/rest_a_01093" @default.
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