Self-Centered Beliefs : An Empirical Approach
AbstractWe perform an experiment designed to assess the accuracy of beliefs about distributions. The beliefs relate to behavior (mobile phone purchasing decisions, hypothetical restaurant choices), attitudes (happiness, politics) and observable characteristics (height, weight) and are typically formed through real world experiences. We nd a powerful and ubiquitous bias in perceptions that is \self-centered" in the sense that an individual's beliefs about the population distribution changes with their own position in the distribution. In particular, those at extremes tend to perceive themselves as closer to the middle of the distribution than is the case. We discuss possible explanations for this bias. Key words: subjective beliefs ; attitudes ; observable characteristics ; self-centered bias JEL classification: D03 ; C83 ; D84
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Bibliographic InfoPaper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 978.
Date of creation: 2012
Date of revision:
Other versions of this item:
- D03 - Microeconomics - - General - - - Behavioral Economics; Underlying Principles
- C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
- D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-03-14 (All new papers)
- NEP-EVO-2012-03-14 (Evolutionary Economics)
- NEP-EXP-2012-03-14 (Experimental 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.:
- Burks, Stephen V. & Carpenter, Jeffrey P. & Götte, Lorenz & Rustichini, Aldo, 2010. "Overconfidence is a Social Signaling Bias," IZA Discussion Papers 4840, Institute for the Study of Labor (IZA).
- Juan Dubra & Jean-Pierre Benoit, 2011.
Documentos de Trabajo/Working Papers
1106, Facultad de Ciencias Empresariales y Economia. Universidad de Montevideo..
- Oswald, Andrew J, 2008.
"On the Curvature of the Reporting Function from Objective Reality to Subjective Feelings,"
The Warwick Economics Research Paper Series (TWERPS)
839, University of Warwick, Department of Economics.
- Oswald, Andrew J., 2008. "On the curvature of the reporting function from objective reality to subjective feelings," Economics Letters, Elsevier, vol. 100(3), pages 369-372, September.
- Oswald, Andrew J., 2008. "On the Curvature of the Reporting Function from Objective Reality to Subjective Feelings," IZA Discussion Papers 3344, Institute for the Study of Labor (IZA).
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- We all have self-centered beliefs about others
by Economic Logician in Economic Logic on 2012-03-20 14:29:00
- "We are all average"
by chris dillow in Stumbling and Mumbling on 2012-03-13 14:02:08
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