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Overconfidence Can Improve an Agent's Relative and Absolute Performance in Contests

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

This paper suggests a potential rationale for the recent empirical finding that overconfident agents tend to self-select into more competitive environments (e.g. Dohmen and Falk, forthcoming). In particular, it shows that moderate overconfidence in a contest can improve the agent's performance relative to an unbiased opponent and can even lead to an advantage for the overconfident agent in absolute terms.

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File URL: http://epub.ub.uni-muenchen.de/11885/1/contestsletter_ELR1a.pdf
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Paper provided by University of Munich, Department of Economics in its series Discussion Papers in Economics with number 11885.

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Date of creation: 05 Jul 2010
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Handle: RePEc:lmu:muenec:11885
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  1. Santos-Pinto, Luís, 2003. "Positive self-image in tournaments," MPRA Paper 3140, University Library of Munich, Germany, revised 27 Feb 2007.
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