Ability, Self-Confidence, and Search

Sjur Flåm and Alf Erling Risa

Journal of Institutional and Theoretical Economics (JITE), 2003, vol. 159, issue 3, 439-456

Abstract: We explore optimal search for individual improvement when agents start with different confidence in their own ability. The initial self-confidence may be determined by nature or socioeconomic factors. Presuming Bayesian learning, we show that final achievements depend positively on initial confidence. When parents' achievements affect children's self-confidence, a meritocracy, not necessarily founded on ability, may emerge. Social differences may thus stem from - and maintain - unjustifiable opinions about ability differentials.

JEL-codes: C61 D83 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (5)

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