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On the Positive Effects of Overcon fident Self-Perception in Teams

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Author Info

  • Ludwig, Sandra
  • Wichardt, Philip C.
  • Wickhorst, Hanke

Abstract

In this paper, we study the individual payoff effects of overconfident self-perception in teams. In particular, we demonstrate that the welfare of an overconfident agent in a team of one rational and one overconfident agent or a team of two overconfident agents can be higher than that of the members of a team of two rational agents. This result holds irrespective of the assumption about the agents' awareness of their colleague's bias. Moreover, we show that an overcondent agent is always better of when he is unaware of a potential bias of his colleague.

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File URL: http://epub.ub.uni-muenchen.de/12246/1/Ludwig_Wichardt_Wickhorst_2011_mimeo_On_the_Positive_Effects_of_Overconfident_Self-Perception.pdf
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Bibliographic Info

Paper provided by University of Munich, Department of Economics in its series Discussion Papers in Economics with number 12246.

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Date of creation: Apr 2011
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Handle: RePEc:lmu:muenec:12246

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Related research

Keywords: Overconfidence; Team Production;

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References

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  1. Costa-Gomes, Miguel & Crawford, Vincent P & Broseta, Bruno, 2001. "Cognition and Behavior in Normal-Form Games: An Experimental Study," Econometrica, Econometric Society, vol. 69(5), pages 1193-1235, September.
  2. Luís Santos-Pinto, 2008. "Positive Self-image and Incentives in Organisations," Economic Journal, Royal Economic Society, vol. 118(531), pages 1315-1332, 08.
  3. Leonidas Enrique de la Rosa, 2007. "Overconfidence and Moral Hazard," Economics Working Papers 2007-08, School of Economics and Management, University of Aarhus.
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Cited by:
  1. Geyer, Hannah & Wickhorst, Hanke, 2011. "Overconfidence and team-performance: An analysis of NBA-players' self-perception," CIW Discussion Papers 4/2011, University of Münster, Center for Interdisciplinary Economics (CIW).

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