RISK AVERSION RELATES TO COGNITIVE ABILITY: PREFERENCES OR NOISE?
研究发现，风险厌恶与认知能力的负相关可能是虚假的，认知能力实际上影响的是随机决策而非风险偏好。
Recent experimental studies suggest that risk aversion is negatively related to cognitive ability. In this paper we report evidence that this relation may be spurious. We recruit a large subject pool drawn from the general Danish population for our experiment. By presenting subjects with choice tasks that vary the bias induced by random choices, we are able to generate both negative and positive correlations between risk aversion and cognitive ability. Our results suggest that cognitive ability is related to random decision making rather than to risk preferences.