We experimentally study the effects of advice on decision-making in a dictator game. In the experiment, participants receive no advice, selfish advice, or fair advice before making decisions. Advisors in our experiment do not receive any financial incentives for their advice. We find that...

This paper provides an evolutionary justification for overconfidence. Players are pairwise matched to compete for a resource, and there is uncertainty about who will win the resource if they choose to compete. Players have different confidence levels about their chance of winning, although in...