Memory Recall Bias of Overconfident and Underconfident Individuals after Feedback

King-King Li ()
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King-King Li: Shenzhen University [Shenzhen]

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Abstract: We experimentally investigate the memory recall bias of overconfident (underconfident) individuals after receiving feedback on their overconfidence (underconfidence). Our study differs from the literature by identifying the recall pattern conditional on subjects' overconfidence/underconfidence. We obtain the following results. First, overconfident (underconfident) subjects exhibit overconfident (underconfident) recall despite receiving feedback on their overconfidence (underconfidence). Second, awareness of one's overconfidence or underconfidence does not eliminate memory recall bias. Third, the primacy effect is stronger than the recency effect. Overall, our results suggest that memory recall bias is mainly due to motivated beliefs of sophisticated decision makers rather than naïve decision-making.

Keywords: memory recall bias; overconfidence; underconfidence; experiment (search for similar items in EconPapers)
Date: 2022-05-23
New Economics Papers: this item is included in nep-cbe, nep-exp and nep-neu
Note: View the original document on HAL open archive server: https://audencia.hal.science/hal-03841235
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Citations: View citations in EconPapers (1)

Published in Games, 2022, 13, ⟨10.3390/g13030041⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03841235

DOI: 10.3390/g13030041

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