Subjects are asked to report their confidence in their own decisions regarding the Ellsberg three color urn. Subjective … confidence is measured via a 5 point Likert scale. Surprisingly, subjects are more confident in their answer for the more …

someone else, one’s later self, or nature – is for lack of sufficient confidence in the relevant beliefs. This paper develops … information asymmetry, is undertaken, and a simple multi-factor model of deferral – involving both confidence and information … considerations – is formulated. The model suggests that incorporating confidence can account for cases of deferral that traditional …