How does cognitive reflection relate to financial decisions?

Analytical thought is deliberate and takes effort, while the intuitive mode of thinking is spontaneous and effortless. Since intuitive thinking uses more heuristics than the analytical thinking mode, it is more susceptible to the influence of psychological biases. Specific biases tested are the base rate fallacy, conservatism bias, choice framing, and others. Analytical investors tend to be less risk averse and more patient.