People are over confident despite errors

Business Standard:

A new study suggests that overprecision is a common and robust form of overconfidence driven, at least in part, by excessive certainty in the accuracy of our judgments.

The research, conducted by researchers Albert Mannes of The Wharton School of the University of Pennsylvania and Don Moore of the Haas School of Business at the , Berkeley, revealed that the more confident participants were about their estimates of an uncertain quantity, the less they adjusted their estimates in response to feedback about their accuracy and to the costs of being wrong.

Read the whole story: Business Standard

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