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@techreport{NBERw23625,
 title = "Quicksand or Bedrock for Behavioral Economics? Assessing Foundational Empirical Questions",
 author = "Stango, Victor and Yoong, Joanne and Zinman, Jonathan",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "23625",
 year = "2017",
 month = "July",
 doi = {10.3386/w23625},
 URL = "http://www.nber.org/papers/w23625",
 abstract = {Behavioral economics lacks empirical evidence on some foundational empirical questions. We adapt standard elicitation methods to measure multiple behavioral factors per person in a representative U.S. sample, along with financial condition, cognitive skills, financial literacy, classical preferences and demographics. Individually, B-factors are prevalent, distinct from other decision inputs, and correlate negatively with financial outcomes in richly-conditioned regressions. Conditioning further on other B-factors does not change the results, validating common practice of modeling B-factors separately. Corrections for low task/survey effort modestly strengthen the results. Our findings provide bedrock empirical foundations for behavioral economics, and offer methodological guidance for research designs.},
}