Cognitive skills affect individual choices. Researchers commonly use Raven’s Progressive
Matrices (RPM) tests and the Cognitive Reflection Test (CRT) to assess the relationship between
cognitive abilities and economic decision making. In this paper, we study the relationship be-
tween these measures, and investigate the extent to which they are correlated and whether they
are best described as substitutes or complements. Combining a sample of 686 children and a
sample of 2,332 adults, we compare individual performances in the RPM test and CRT test. First,
we report a significant positive correlation between the two measures of 0.3. Second, we docu-
ment that performance in both the RPM test and CRT are significant predictors of behavioral
inconsistency observed in incentivized time and risk preference elicitation tasks for children and
risk preference elicitation task for adults.