Cognitive ability and risk aversion: A systematic review and meta analysis

Research output: Contribution to journalJournal articlepeer-review

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Cognitive ability and risk aversion: A systematic review and meta analysis. / Lilleholt, Lau.

In: Judgment and Decision Making, Vol. 14, No. 3, 31.05.2019, p. 234-279.

Research output: Contribution to journalJournal articlepeer-review

Harvard

Lilleholt, L 2019, 'Cognitive ability and risk aversion: A systematic review and meta analysis', Judgment and Decision Making, vol. 14, no. 3, pp. 234-279. <http://journal.sjdm.org/18/181011/jdm181011.pdf>

APA

Lilleholt, L. (2019). Cognitive ability and risk aversion: A systematic review and meta analysis. Judgment and Decision Making, 14(3), 234-279. http://journal.sjdm.org/18/181011/jdm181011.pdf

Vancouver

Lilleholt L. Cognitive ability and risk aversion: A systematic review and meta analysis. Judgment and Decision Making. 2019 May 31;14(3):234-279.

Author

Lilleholt, Lau. / Cognitive ability and risk aversion: A systematic review and meta analysis. In: Judgment and Decision Making. 2019 ; Vol. 14, No. 3. pp. 234-279.

Bibtex

@article{ab4851abd9954c66b9dfc343585028b6,
title = "Cognitive ability and risk aversion: A systematic review and meta analysis",
abstract = "Are highly intelligent people less risk averse? Over the last two decades scholars have argued the existence of a negative relationship between cognitive ability and risk aversion. Although numerous studies support this, the link between cognitive ability and risk aversion has not been found consistently. To shed new light on this topic, a systematic review and meta-analysis was conducted. A total of 97 studies were identified and included for meta-analysis in the domain of gains (N=90,723), 41 in the mixed domain (N=50,936), and 12 in the domain of losses (N=4,544). Results indicate that there exists a weak, but significant negative relationship between cognitive ability and risk aversion in the domain of gains. However, no relationship was observed in the mixed domain or in the domain of losses. Several meta-regressions were performed to investigate the influence of moderator variables. None of the moderator variables were found to consistently influence the relationship between cognitive ability and risk aversion across the domain of gains, mixed and losses. Moreover, no significant difference was observed between males and females across all three domains. In conclusion, this systematic review and meta-analysis provides new evidence that the relationship between cognitive ability and risk aversion is domain specific and not as strong as suggested by some previous studies.",
keywords = "Faculty of Social Sciences, risk aversion, cognitive ability, risk preferences, intelligence, meta-analysis",
author = "Lau Lilleholt",
year = "2019",
month = may,
day = "31",
language = "English",
volume = "14",
pages = "234--279",
journal = "Judgment and Decision Making",
issn = "1930-2975",
publisher = "Society for Judgment and Decision Making",
number = "3",

}

RIS

TY - JOUR

T1 - Cognitive ability and risk aversion: A systematic review and meta analysis

AU - Lilleholt, Lau

PY - 2019/5/31

Y1 - 2019/5/31

N2 - Are highly intelligent people less risk averse? Over the last two decades scholars have argued the existence of a negative relationship between cognitive ability and risk aversion. Although numerous studies support this, the link between cognitive ability and risk aversion has not been found consistently. To shed new light on this topic, a systematic review and meta-analysis was conducted. A total of 97 studies were identified and included for meta-analysis in the domain of gains (N=90,723), 41 in the mixed domain (N=50,936), and 12 in the domain of losses (N=4,544). Results indicate that there exists a weak, but significant negative relationship between cognitive ability and risk aversion in the domain of gains. However, no relationship was observed in the mixed domain or in the domain of losses. Several meta-regressions were performed to investigate the influence of moderator variables. None of the moderator variables were found to consistently influence the relationship between cognitive ability and risk aversion across the domain of gains, mixed and losses. Moreover, no significant difference was observed between males and females across all three domains. In conclusion, this systematic review and meta-analysis provides new evidence that the relationship between cognitive ability and risk aversion is domain specific and not as strong as suggested by some previous studies.

AB - Are highly intelligent people less risk averse? Over the last two decades scholars have argued the existence of a negative relationship between cognitive ability and risk aversion. Although numerous studies support this, the link between cognitive ability and risk aversion has not been found consistently. To shed new light on this topic, a systematic review and meta-analysis was conducted. A total of 97 studies were identified and included for meta-analysis in the domain of gains (N=90,723), 41 in the mixed domain (N=50,936), and 12 in the domain of losses (N=4,544). Results indicate that there exists a weak, but significant negative relationship between cognitive ability and risk aversion in the domain of gains. However, no relationship was observed in the mixed domain or in the domain of losses. Several meta-regressions were performed to investigate the influence of moderator variables. None of the moderator variables were found to consistently influence the relationship between cognitive ability and risk aversion across the domain of gains, mixed and losses. Moreover, no significant difference was observed between males and females across all three domains. In conclusion, this systematic review and meta-analysis provides new evidence that the relationship between cognitive ability and risk aversion is domain specific and not as strong as suggested by some previous studies.

KW - Faculty of Social Sciences

KW - risk aversion

KW - cognitive ability

KW - risk preferences

KW - intelligence

KW - meta-analysis

M3 - Journal article

VL - 14

SP - 234

EP - 279

JO - Judgment and Decision Making

JF - Judgment and Decision Making

SN - 1930-2975

IS - 3

ER -

ID: 219534491