Table 5.
The effect of cognitive load: study 3. Dependent variable: Number of normative (risk neutral, patient, selfish, mathematically correct) choices.
| Preference type | Risk (safe vs. risky) (1) |
Risk (risky vs. risky) (2) |
Time preference (now vs. one week) (3) |
Time preference (four vs. five weeks) (4) |
Selfishness (5) |
Math quiz 1 (6) |
Math quiz 2 (7) |
|---|---|---|---|---|---|---|---|
| Cognitive load | −0.3684 | −0.9694 | −0.0364 | 0.1581 | 0.0640 | 0.2930 | −0.3598 |
| (0.3785) | (0.3829) | (0.3543) | (0.3587) | (0.3512) | (0.3523) | (0.3533) | |
| [−0.1035] | [−0.3285] | [−0.0108] | [0.0567] | [0.0070] | [0.0540] | [−0.1171] | |
| Share making all normative choices | 0.2059 | 0.3784 | 0.2222 | 0.3243 | 0.0541 | 0.1081 | 0.2703 |
| Pseudo-R2 | 0.0102 | 0.0736 | 0.0001 | 0.0021 | 0.0003 | 0.0062 | 0.0083 |
| N | 34 | 37 | 36 | 37 | 37 | 37 | 37 |
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. Dependent variable is the number of normative choices made in the given preference elicitation. See Section 2 for details of preference elicitation and math quizzes.