Titelaufnahme

Titel
True overconfidence, revealed through actions : an experiment / Stephen L. Cheung (The University of Sydney and IZA), Lachlan Johnstone (The University of Sydney) ; IZA, Institute of Labor Economics
VerfasserCheung, Stephen L. In der Gemeinsamen Normdatei der DNB nachschlagen In Wikipedia suchen nach Stephen L. Cheung ; Johnstone, Lachlan In der Gemeinsamen Normdatei der DNB nachschlagen In Wikipedia suchen nach Lachlan Johnstone
KörperschaftForschungsinstitut zur Zukunft der Arbeit In der Gemeinsamen Normdatei der DNB nachschlagen In Wikipedia suchen nach Forschungsinstitut zur Zukunft der Arbeit
ErschienenBonn, Germany : IZA Institute of Labor Economics, February 2017
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Elektronische Ressource
Umfang1 Online-Ressource (45 Seiten) : Diagramme
SerieDiscussion paper ; no. 10545
URNurn:nbn:de:hbz:5:2-112870 Persistent Identifier (URN)
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True overconfidence, revealed through actions [0.4 mb]
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Zusammenfassung

We report an experiment that infers true overconfidence in relative ability through actions, as opposed to reported beliefs. Subjects choose how to invest earnings from a skill task when the returns depend solely upon risk, or both risk and relative placement, enabling joint estimation of individual risk preferences and implied subjective beliefs of placing in the top half. We find evidence of aggregate overconfidence only in a treatment that receives minimal feedback on performance in a trial task. In treatments that receive more detailed feedback, aggregate overconfidence is not observed although identifiable segments of overand underconfident individuals persist.