Incentives to learn calibration : a gender-dependent impact
AbstractMiscalibration can be defined as the fact that people think that their knowledge is more precise than it actually is. In a typical miscalibration experiment, subjects are asked to provide subjective confidence intervals. A very robust finding is that subjects provide too narrow intervals at the 90% level. As a result a lot less than 90% of correct answers fall inside the 90% intervals provided. As miscalibration is linked with bad results on a experimental financial market (Biais et al., 2005) and entrepreneurial success is positively correlated with good calibration (Regner et al., 2006), it appears interesting to look for a way to cure or at least reduce miscalibration. Previous attempts to remove the miscalibration bias relied on extremely long and tedious procedures. Here, we design an experimental setting that provides several different incentives, in particular strong monetary incentives ; i.e. that make miscalibration costly. Our main result is that a thirty-minute training session has an effect on men's calibration but no effect on women's.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number v08088.
Length: 33 pages
Date of creation: Dec 2008
Date of revision:
Contact details of provider:
Postal: 106-112 boulevard de l'Hôpital 75 647 PARIS CEDEX 13
Phone: + 33 44 07 81 00
Fax: + 33 1 44 07 83 01
Web page: http://centredeconomiesorbonne.univ-paris1.fr/
More information through EDIRC
Miscalibration; overconfidence; incentives; gender effect.;
Other versions of this item:
- Marie-pierre Dargnies & Guillaume Hollard, 2009. "Incentives to learn calibration: a gender-dependent impact," Economics Bulletin, AccessEcon, vol. 29(3), pages 1820-1828.
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-05-02 (All new papers)
- NEP-CBE-2009-05-02 (Cognitive & Behavioural Economics)
- NEP-EXP-2009-05-02 (Experimental Economics)
- NEP-LAB-2009-05-02 (Labour Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Biais, Bruno & Hilton, Denis & Mazurier, Karine & Pouget, Sébastien, 2004.
"Judgmental Overconfidence, Self-Monitoring and Trading Performance in an Experimental Financial Market,"
IDEI Working Papers
259, Institut d'Économie Industrielle (IDEI), Toulouse.
- Bruno Biais & Denis Hilton & Karine Mazurier & Sébastien Pouget, 2005. "Judgemental Overconfidence, Self-Monitoring, and Trading Performance in an Experimental Financial Market," Review of Economic Studies, Oxford University Press, vol. 72(2), pages 287-312.
- Cesarini, David & Sandewall, Orjan & Johannesson, Magnus, 2006.
"Confidence interval estimation tasks and the economics of overconfidence,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 61(3), pages 453-470, November.
- Cesarini, David & Sandewall, Örjan & Johannesson, Magnus, 2003. "Confidence Interval Estimation Tasks and the Economics of Overconfidence," Working Paper Series in Economics and Finance 535, Stockholm School of Economics.
- Madiès, Thierry & Villeval, Marie Claire & Wasmer, Malgorzata, 2013.
"Intergenerational attitudes towards strategic uncertainty and competition: A field experiment in a Swiss bank,"
European Economic Review,
Elsevier, vol. 61(C), pages 153-168.
- Thierry Madiès & Marie Claire Villeval & Malgorzata Wasmer, 2013. "Intergenerational Attitudes Towards Strategic Uncertainty and Competition: A Field Experiment in a Swiss Bank," Post-Print halshs-00807436, HAL.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Lucie Label).
If references are entirely missing, you can add them using this form.