A Simple Model of Self-Assessments
AbstractWe develop a simple model that describes individuals’ self-assessments oftheir abilities. We assume that individuals learn about their abilities from appraisalsof others and experience. Our model predicts that if communicationis imperfect, then (i) appraisals of others tend to be too positive, and (ii) overconfidenceleading to too much activism is more likely than underconfidenceleading to too much passivity. The predictions of our model are consistentwith findings in the social psychological literature. This discussion paper has led to a publication in the ' Economic Journal ' 119(539), 1225-41.
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Bibliographic InfoPaper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 06-010/1.
Date of creation: 17 Jan 2006
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Web page: http://www.tinbergen.nl
self-assessments; learning about ability; coaching; overconfidence; underconfidence;
Other versions of this item:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-04-22 (All new papers)
- NEP-BEC-2006-04-22 (Business Economics)
- NEP-CBE-2006-04-22 (Cognitive & Behavioural Economics)
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- Eric Van den Steen, 2004. "Rational Overoptimism (and Other Biases)," American Economic Review, American Economic Association, vol. 94(4), pages 1141-1151, September.
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