How do risk attitudes affect measured confidence?

Arbeitspapier

We examine the relationship between confidence in own absolute performance and risk attitudes using two elicitation procedures: self-reported (non-incentivised) confidence and an incentivised procedure that elicits the certainty equivalent of a bet based on performance. The former procedure reproduces the "hard-easy effect" (overconfidence in easy tasks and underconfidence in hard tasks) found in a large number of studies using non-incentivised self-reports. The latter procedure produces general underconfidence, which is significantly reduced, but not eliminated when we filter out the effects of risk attitudes. Finally, we find that self-reported confidence correlates significantly with features of individual risk attitudes including parameters of individual probability weighting.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CeDEx Discussion Paper Series ; No. 2014-18

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Design of Experiments: Laboratory, Individual ; Criteria for Decision-Making under Risk and Uncertainty
• Thema: Overconfidence ; Underconfidence ; Experiment ; Risk Preferences

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Murad, Zahra ; Sefton, Martin ; Starmer, Chris
• Ereignis: Veröffentlichung
• (wer): The University of Nottingham, Centre for Decision Research and Experimental Economics (CeDEx)
• (wo): Nottingham
• (wann): 2014

Weitere Informationen

• Handle: http://hdl.handle.net/10419/129827
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ