Reducing within-group overconfidence through group identity and between-group confidence judgments

Philip Brookins, Adriana Lucas and Dmitry Ryvkin

Journal of Economic Psychology, 2014, vol. 44, issue C, 1-12

Abstract: Individuals belonging to a social group make judgments about their relative standing within the group as well as about the relative standing of their group among other groups. On average, individuals exhibit overconfidence bias in both types of judgments in a variety of settings. We hypothesize, however, that the latter bias counteracts the former; therefore, the salience of between-group judgments should mitigate within-group overconfidence. Our second hypothesis is that within-group overconfidence is reduced in the presence of group identity. Using a 2×2 between-subject design, we test, and find strong support for, these hypotheses in a laboratory experiment.

Keywords: Overconfidence; Group identity; Judgment about one’s group; Experiment (search for similar items in EconPapers)
JEL-codes: C91 D03 D83 D84 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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Working Paper: Reducing within-group overconfidence through group identity and between-group confidence judgments (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:joepsy:v:44:y:2014:i:c:p:1-12

DOI: 10.1016/j.joep.2014.05.003

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