Interesting new paper (anyone have a link to an ungated version). Abstract (emphasis added):
Would you make the same decisions in a foreign language as you would in your native tongue? It may be intuitive that people would make the same choices regardless of the language they are using, or that the difficulty of using a foreign language would make decisions less systematic. We discovered, however, that the opposite is true: Using a foreign language reduces decision-making biases. Four experiments show that the framing effect disappears when choices are presented in a foreign tongue. Whereas people were risk averse for gains and risk seeking for losses when choices were presented in their native tongue, they were not influenced by this framing manipulation in a foreign language. Two additional experiments show that using a foreign language reduces loss aversion, increasing the acceptance of both hypothetical and real bets with positive expected value. We propose that these effects arise because a foreign language provides greater cognitive and emotional distance than a native tongue does.
It would be interesting to find out how the bias-reducing effect is related to the mastery of the language. I guess that fully mastering the language is not necessary for this effect, and even could reduce it.
My model is that by speaking in a foreign language we have to pay more attention to our thoughts, and we have to make more things explicit. Thus it is more difficult for some biases to be unnoticed. Fully mastering the language would make the biases easier too.
(I am not sure about the cost-efficiency, because I don't know how strong is the effect, and how strong are effects of alternative methods. If the effect is strong, perhaps spending two weeks learning Esperanto using Anki would be worth doing. But I guess the effect is not very strong.)