Development and Testing of an Abbreviated Numeracy Scale: A Rasch Analysis Approach

Weller, Joshua A.; Dieckmann, Nathan F.; Tusler, Martin; Mertz, C. K.; Burns, William J.; Peters, Ellen

doi:10.1002/bdm.1751

Cited by 339 publications

(437 citation statements)

References 55 publications

(105 reference statements)

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“…Research has shown that people who perform well on the CRT tend to perform well on numeracy tests. Specifically, significant, moderate correlations have been found between performance on the CRT and mathematical ability, as indexed by numeracy, math achievement or math skills (r = 0.25, G omez-Chac on, Garc ıa-Madruga, Vila, Elos ua, & Rodr ıguez, 2014; r = 0.31, Cokely & Kelley, 2009;Primi et al, 2016; rs ranging from 0.37 to 0.51, Liberali, Reyna, Furlan, Stein, & Pardo, 2012;r = 0.43, Campitelli & Gerrans, 2014;Weller et al, 2013; r = 0.44 with numeracy and r = 0.61 with calculation, Sinayev & Peters, 2015; rs ranging from 0.29 to 0.45, Morsanyi et al, 2014;r = 0.53, Finucane & Gullion, 2010; r = 0.58, Thomson & Oppenheimer, 2016).…”

Section: Thinking and Reasoningmentioning

confidence: 99%

Are there gender differences in cognitive reflection? Invariance and differences related to mathematics

Primi

Donati

Chiesi

et al. 2017

Thinking & Reasoning

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CognitiveCognitive reflection is recognized as an important skill, which is necessary for making advantageous decisions. Even though gender differences in the Cognitive Reflection test (CRT) appear to be robust across multiple studies, little research has examined the source of the gender gap in performance. In Study 1, we tested the invariance of the scale across genders. In Study 2, we investigated the role of math anxiety, mathematical reasoning, and gender in CRT performance. The results attested the measurement equivalence of the Cognitive Reflection Test -Long (CRT-L), when administered to male and female students. Additionally, the results of the mediation analysis showed an indirect effect of gender on CRT-L performance through mathematical reasoning and math anxiety. The direct effect of gender was no longer statistically significant after accounting for the other variables. The current findings suggest that cognitive reflection is affected by numerical skills and related feelings. ARTICLE HISTORY

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Section: Thinking and Reasoningmentioning

confidence: 99%

Are there gender differences in cognitive reflection? Invariance and differences related to mathematics

Primi

Donati

Chiesi

et al. 2017

Thinking & Reasoning

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“…To assess numeracy and analytical thinking, we include five numeracy questions and three cognitive reflection task (CRT) questions for a subset of our total survey population 2 (Weller et al 2012, Frederick 2005.…”

Section: Study Design: Attribute Selection Model Specification and mentioning

confidence: 99%

Consumer Preferences for Annuity Attributes: Beyond Net Present Value

Shu

Zeithammer

Payne

2016

Journal of Marketing Research

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Decisions about life annuities are an important part of consumer decumulation of retirement assets, yet are relatively underexplored by marketing researchers studying consumer financial decision-making. In this paper we propose and estimate a model of individual preferences for life annuity attributes using a choice-based stated-preference survey. Annuities are presented in terms of consumer-relevant attributes such as monthly income, yearly adjustments, period certain guarantees, and company financial strength. We find that attributes directly influence preferences beyond their impact on the annuity's expected present value. The strength of the direct influence depends on how annuities are described: when represented only via basic attributes, consumers undervalue inflation protection and preferences are not monotonically increasing in duration of period certain guarantees. When descriptions are enriched with cumulative payment information, consumers no longer undervalue inflation protection, but nonlinear preferences for period certain options remain. We find that among annuities with the same expected payout but different annual increases and period certain guarantees, the proportion of consumers choosing the annuity over self-management can vary by more than a factor of two. With baby boomers now retiring at the rate of almost 10,000 per day, the issue of decumulation of retirement assets is increasingly important to economists, public policy experts, and the financial services industry. It should also be of interest to researchers in marketing because consumers in the market for decumulation products, such as annuities, face a choice problem with large financial stakes, limited learning opportunities, difficult consumption tradeoffs, multiple sources of uncertainty, issues of trust and branding, and long time periods. All of these aspects of the decumulation problem are topics on which marketing research can offer important insights. This paper studies the structure of consumer preferences for life annuities -an important class of decumulation products. We employ a choice-based conjoint analysis to measure consumer preferences and relate them to the underlying financial value of the products. KeywordsAnnuities, as well as many other financial products, provide a unique setting for choice modeling because most annuity attributes have calculable expected present value that can be directly compared to consumers' revealed utilities. Consequently, we are able to see whether an attribute influences demand only through its contribution to the normative net present financial value of the annuity product ("NPV"), or whether attribute values have psychological worth "beyond NPV." We find that a typical consumer choosing from a set of annuities does not merely maximize the expected financial value, but also reacts to several product attributes directlyexpressing preferences beyond the effect of attributes on the financial value. For example, most consumers overvalue medium (10-20 years) levels of period-certa...

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“…Indeed, multiple researchers have worked to create short questionnaires that capture the distribution of this skill in a population (e.g., Cokely, Galesic, Schulz, Ghazal, & Garcia-Retamero, 2012;Lipkus, Samsa, & Rimer, 2001;Weller et al, 2013). However, metrics of individual differences in ANS acuity are less well investigated.…”

Section: Motivation Of the Present Studymentioning

confidence: 99%

How to estimate how well people estimate: Evaluating measures of individual differences in the approximate number system

Chesney

Bjälkebring

Peters

2015

Atten Percept Psychophys

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At a glance, one can tell that there are more individual fruits in a pile of 100 apples than in a pile of 20 watermelons, even though the watermelons take up more space. People's ability to distinguish between such nonsymbolic numerical magnitudes without counting is derived from the approximate number system (ANS). Individual differences in this ability (ANS acuity) are emerging as an important predictor in research areas ranging from children's understanding of arithmetic to adults' use of numbers in judgment and decision making. However, ANS acuity must be assessed through proxy tasks that might not show consistent relationships with this ability. Furthermore, practical limitations often confine researchers to using abbreviated measures of this ability, whose reliability is questionable. Here, we developed and tested several novel ANS acuity measures: a nonsymbolic discrimination task designed to account for participants' lapses in attention; three estimation tasks, including one task in which participants estimated the number of dots in a briefly presented set, one in which they estimated the ratio between two sets of dots, and one in which they indicated the correct position of a set of dots on a "number-line" anchored by two sets of dots, as well as a similar number-line task using symbolic numbers. The results indicated that the discrimination task designed to account for lapses in participants' attention holds promise as a reliable measure of ANS acuity, considered in terms of both internal and test-retest reliability. We urge researchers to use acuity measures whose reliability has been demonstrated.Keywords Numeracy . Individual differences . Approximate number system . Nonverbal counting . Estimation Numeracy and individual differencesA growing body of literature has demonstrated that individual differences in numeric ability predict a diverse range of life outcomes. People who are better at math achieve higher educational attainment, better health, and greater economic suc-

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Development and Testing of an Abbreviated Numeracy Scale: A Rasch Analysis Approach

Cited by 339 publications

References 55 publications

Are there gender differences in cognitive reflection? Invariance and differences related to mathematics

Are there gender differences in cognitive reflection? Invariance and differences related to mathematics

Consumer Preferences for Annuity Attributes: Beyond Net Present Value

How to estimate how well people estimate: Evaluating measures of individual differences in the approximate number system

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