We Are All Behavioural, More, or Less: A Taxonomy of Consumer Decision-Making
研究了17种行为偏差与风险时间偏好、认知能力、人格及人口统计特征的关系，发现多数消费者存在多重偏差，且偏差间正相关，可归纳为四个行为共同因子，这些因子与家庭金融、福祉和健康结果显著相关。
Abstract We examine how 17 behavioural biases relate to each other, to three standard measures of risk and time preferences, to cognitive skills, personality, and demographics, and to outcomes in household finance, well-being, and health. Most consumers in our nationally representative panel data exhibit multiple biases, with substantial cross-person heterogeneity. Biases are positively correlated within person, especially after adjusting for measurement error. From that correlation structure, we reduce our 20 bias and standard preference measures to four behavioural common factors. Each BCF reflects a group of related biases regarding beliefs, decision quality, discounting, or risk/uncertainty attitudes. The first two BCFs also strongly correlate with each other (positively) and cognitive skills (negatively). The first three BCFs and cognitive skills strongly correlate with various outcomes in the expected directions. Our results support processing-based models where basic limitations in cognition and/or attention produce multiple biases, and they have several other implications for theory and practice.