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Poor but not by choice(s): The persistence of cognitive biases across economic groups [post]

Kai Ruggeri, Sarah Ashcroft-Jones, Giampaolo Abate Romero Landini, Narjes Al-Zahli, Natalia Alexander, Mathias Houe Andersen, Katherine Bibilouri, Katharina Busch, Jennifer Chen, Barbora Doubravová, Tatianna M. Dugue, ALEENA DURRANI (+28 others)
2022 unpublished

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While economic inequality continues to rise within countries, efforts to address it have been largely ineffective, particularly those involving behavioral approaches. It is often implied but not tested that patterns among low-income individuals may be a factor impeding behavioral interventions aimed at improving upward economic mobility. To test this, we assessed rates of ten cognitive biases across nearly 5,000 participants from 27 countries, comparing between low-income adults and individuals
more » ... that had overcome financial disadvantages as children, known as positive deviants. Using discrete and complex models, we find robust evidence of no differences within or between groups or countries. We therefore conclude without reservation that choices impeded by cognitive biases alone cannot explain why some individuals do not experience upward economic mobility. Policies must combine both behavioral and structural interventions to improve financial well-being across populations.
doi:10.31234/osf.io/mrxy6 fatcat:c4oetjd6ynhmda25tmpocv7j7q
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Kai Ruggeri, Sarah Ashcroft-Jones, Giampaolo Abate Romero Landini, Narjes Al-Zahli, Natalia Alexander, Mathias Houe Andersen, Katherine Bibilouri, Katharina Busch, Jennifer Chen, Barbora Doubravová, Tatianna M. Dugue, ALEENA DURRANI, Nicholas Dutra, Eduardo Garcia-Garzon, Christian Gomes, Aleksandra Gracheva, Neža Grilc, Deniz Misra Gurol, Zoe Heidenry, Clara Hu, Rachel Krasner, Romy Levin, Justine Li, Ashleigh Messenger, Melika Miralem, Fredrik Nilsson, Julia Oberschulte, Takashi Obi, Sun Young Park, Daria Stefania Pascu, Sofia Pelica, Maksymilian Pyrkowski, Katherinne Rabanal, Pika Ranc, Žiga Mekiš Recek, Alexandra Symeonidou, Olivia Symone Tutuska, Milica Vdovic, Qihang Yuan, Friederike Stock. "Poor but not by choice(s): The persistence of cognitive biases across economic groups." (2022)