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A model of rational bias in self-assessments

  • Ján Zábojník


A body of empirical work documents that most people believe they are above average in a variety of skills and abilities. This paper argues that such evidence does not necessarily imply that people process information in an irrational way. I build a model in which people can learn about their abilities at a cost of foregone production. Individuals in this model keep testing their abilities until their self-assessments become favorable enough, at which point they stop. This way, a disproportionately large share of the population ends up with a high opinion about their abilities. Copyright Springer-Verlag Berlin/Heidelberg 2004

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Article provided by Springer in its journal Economic Theory.

Volume (Year): 23 (2004)
Issue (Month): 2 (January)
Pages: 259-282

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Handle: RePEc:spr:joecth:v:23:y:2004:i:2:p:259-282
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