The illogicality of stock-brokers: Psychological experiments on the effects of prior knowledge and belief biases on logical reasoning in stock trading

PLoS ONE

Volumn 5, Issue 10, 2010, Pages

  Knauff, Markus ^a   Budeck, Claudia ^a   Wolf, Ann G ^a   Hamburger, Kai ^a  

^a JUSTUS LIEBIG UNIVERSITY   (Germany)

Author keywords

[No Author keywords available]

Indexed keywords

ADULT; AGED; ARTICLE; COGNITION; CONFLICT; CONTROLLED STUDY; DECISION MAKING; ECONOMIC DEVELOPMENT; FINANCIAL MANAGEMENT; HUMAN; HUMAN EXPERIMENT; JOB PERFORMANCE; LOGIC; MARKETING; PROBLEM SOLVING; PROFESSIONAL KNOWLEDGE; SYSTEMATIC ERROR; ANALYSIS OF VARIANCE; INVESTMENT; KNOWLEDGE;

ANALYSIS OF VARIANCE; HUMANS; INVESTMENTS; KNOWLEDGE;

EID: 78149423965     PISSN: None     EISSN: 19326203     Source Type: Journal    
DOI: 10.1371/journal.pone.0013483     Document Type: Article

References (30)

1. Chi M, Feltovich P, Glaser R (1981) Categorization and representation of physics problems by experts and novices. Cognitive Science 5: 121-152.
2. Ericsson KA, Lehmann AC (1996) Expert and exceptional performance: Evidence of maximal adaptation to task constraints. Ann Rev Psych 47: 273-305.
3. Feltovich PJ, Ford KM, Hoffman RR, eds (1997) Expertise in context: Human and machine. Menlo Park, CA: MIT Press.
4. Sternberg RJ, Ben-Zeev T (2001) Complex cognition: The psychology of human thought. Oxford, UK: Oxford University Press.
5. Ericsson KA (1996) The road to excellence: The acquisition of expert performance in the arts and sciences, sports, and games. Mahwah, NJ: Erlbaum.
6. Ericsson KA (2009) Development of professional expertise: Toward measurement of expert performance and design of optimal learning environments. Cambridge MA: Cambridge University Press.
7. Goel V, Dolan RJ (2003) Explaining modulation of reasoning by belief. Cognition 87: B11-22.
8. Monti MM, Parsons LM, Martinez MJ, Osherson DN (2007) Functional neuroanatomy of deductive inference: A language-independent distributed network. NeuroImage 37: 1005-1016.
9. Goel V (2007) The anatomy of deductive reasoning. TiCS 11: 435-441.
10. Knauff M (2007) How our brains reason logically. Topoi 26: 19-36.
11. Knauff M (2009a) Reasoning. In: Binder MD, Hirokawa N, Windhorst U, eds. Encyclopedia of Neuroscience. Berlin: Springer. pp 3377-3382.
12. Knauff M (2009b) A neuro-cognitive theory of deductive relational reasoning with mental models and visual images. Spat Cog and Comp 9: 109-137.
13. Evans JStBT (1989) Bias in Human reasoning: Causes and Consequences. Brighton, UK: Erlbaum.
14. Jeffrey RN (1981) Formal Logic. (2nd Ed) New York: McGraw-Hill.
15. Kahnemann D, Slovic P, Tversky A (1982) Judgement under uncertainty: Heuristics and biases. New York: Cambridge University Press. pp 201-208.
16. Gigerenzer G, Goldstein DG (1996) Reasoning the fast and frugal way: models of bounded rationality. Psych Rev 103: 650-669.
17. Marewski JN, Gaissmaier W, Gigerenzer G (in press a) Good judgments do not require complex cognition. Cognitive Processing: in press.
18. Dougherty MR, Franco-Watkins AM, Thomas R (2008) Psychological plausibility of the theory of probabilistic mental models and the fast and frugal heuristics. Psych Rev 115: 199-213.
19. Evans JStBT (2003) In two minds: dual process accounts of reasoning. TiCS 7: 454-459.
20. Marewski JN, Gaissmaier W, Gigerenzer G (in press b) We favor formal models of heuristics rather than lists of loose dichotomies: A reply to Evans and Over. Cognitive Processing: in press.
21. Cokely ET (2009) Beyond generic dual processes: How should we evaluate scientific progress? Psyc Critiques 54: Release 51 Article 10.
22. Keren G, Schul Y (2009) Two is not always better than one: A critical evaluation of two-system theories. Persp Psych Science 4: 533-550.
23. Jahn G, Knauff M, Johnson-Laird PN (2007) Preferred mental models in reasoning about spatial relations. Memory & Cognition 35: 2075-2087.
24. Knauff M, Rauh R, Schlieder C (1995) Preferred mental models in qualitative spatial reasoning: A cognitive assessment of Allen's calculus. In: Proceedings of the Seventeenth Annual Conference of the Cognitive Science Society. Mahwah, NJ: Erlbaum. pp 200-205.
25. Ragni M, Knauff M, Nebel B (2005) A computational model of human reasoning with spatial relations. In: Bara BG, Miyake N, eds. Proceedings of the 27th Annual Conference of the Cognitive Science Society. Mahwah, NJ: Erlbaum. pp 1797-1802.
26. Rauh R, Hagen C, Knauff M, Kub T, Schlieder C, Strube G (2005) From preferred to alternative mental models in spatial reasoning. Spat Cog and Comp 5: 239-269.
27. Johnson-Laird PN (2001) Mental models and deduction. TiCS 5: 434-442.
28. Johnson-Laird PN (2006) How we reason. Oxford, UK: Oxford University Press.
29. Oberauer K (2006) Reasoning with conditionals: A test of formal models of four theories. Cogn Psychology 53: 238-283.
30. Sloman SA (1996) The empirical case for two systems of reasoning. Psych Bull 119: 3-22.