Table 3.

Preferences and cognitive ability: Studies 1 and 2. Dependent variable: Number of normative (risk neutral, patient) choices.

Preference type	Risk (all)		Time preferences (now vs. one week)
	(1)	(2)	(3)	(4)
Standardized math score	0.2805	0.2580	0.2808	0.3273
	(0.0816)	(0.0866)	(0.0845)	(0.0899)
	[0.0338]	[0.0291]	[0.0864]	[0.0990]
Demographic controls?		X		X
Share making all normative choices	0.0751	0.0751	0.2543	0.2543
Pseudo-R2	0.0806	0.1062	0.0223	0.0317
N	173	173	173	173

Notes: Results are from ordered probit models, with standard errors in parentheses and estimated marginal effect on the probability of all normative choices (evaluated at the sample mean of the independent variables) in brackets. All models include study fixed effects. Dependent variable is the number of normative choices made in the given category of preference elicitation. Data are from studies 1 and 2. Risk elicitations are: gains (study 1), gain/loss (study 1), safe vs. risky (study 2), risky vs. risky (study 2). Time preference elicitations are now vs. one week, studies 1 and 2. Demographic controls are gender, mean income in the participant’s municipality of residence (study 1) and father’s years of schooling, mother’s years of schooling, household monthly income, and the total market value of the family’s automobiles (study 2). Demographics not available for a given study are imputed at an arbitrary value and ‘dummied out’. See Section 2 for details of preference elicitations.