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Overconfidence is one of the most ubiquitous cognitive bias. There is copious evidence of overconfidence being relevant in a diverse set of economic domains. In this paper, we relate the recent concept of cognitive uncertainty with overconfidence. Cognitive uncertainty represents a decision...
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Energy labels have been introduced in many countries to increase consumers’ attention to energy use in purchase … indicate that displaying operating cost affects choices through two distinct channels: it increases the attention to operating …
Persistent link: https://www.econbiz.de/10011592688
, their beliefs, preferences, and intentions to switch providers. Crucially, I can link their intentions with actual switching … consumers leaves money on the table by not switching. The low switching rates cannot be explained by biased beliefs or high … procrastinate and quickly forget to switch. Based on these findings, I suggest that simply drawing attention to information or …
Persistent link: https://www.econbiz.de/10014463078
knowledge of the retail electricity market, their beliefs, preferences, and intentions to switch providers. Crucially, I can … rates of on average 1.2% per month cannot be explained by biased beliefs or high switching costs. Demographics do not …
Persistent link: https://www.econbiz.de/10014550939
performance in a structured face-to-face interaction. Privately elicited beliefs show that informed participants are 50% more …
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informed that they can earn money by convincing others of their superior performance. The privately elicited beliefs of … informed subjects are significantly more confident than the beliefs of subjects in the control condition. By generating …
Persistent link: https://www.econbiz.de/10011626574
beliefs. Subjects choose how to invest earnings from a skill task when the returns depend solely upon risk, or both risk and … relative placement, enabling joint estimation of individual risk preferences and implied subjective beliefs of placing in the …
Persistent link: https://www.econbiz.de/10011612902
the Pareto-dominated equilibrium. Nevertheless, at the individual level, players' beliefs and choices tend to react to …
Persistent link: https://www.econbiz.de/10010418867
biased while preserving their self-image as ethical and identify limits to advisors' ability to self-deceive. In experiments … affects advisors' beliefs and preferences over the investments. Biased advice persists with minimal justifications but is …
Persistent link: https://www.econbiz.de/10012157246