Must Feedback Have a Dollar Value to Reduce Overconfidence?

Title

Must Feedback Have a Dollar Value to Reduce Overconfidence?

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Description

When determining our ability to be accurate in accomplishing specific tasks, we tend to show overconfidence, which is defined as the inconsistency between how well we think we performed and our actual performance (e.g., Fischoff, Slovic, & Lichtenstein, 1977). On a daily basis, we are required to estimate our ability to accomplish certain tasks accurately. These estimations are greatly influenced by individual differences, such as narcissism--the enhancement of oneself in a positive way--, and risky behavior, defined here as the willingness to place high bets on uncertain answers (Campbell, Goodie, & Foster, 2004). Previous research suggests that those who are narcissistic are generally overconfident, greater risk-takers and more likely to bet on their answers even when their accuracy is low (Campbell et al., 2004). Undergraduate participants were asked to complete a series of general knowledge questions (GKQs) and personality questionnaires, including the Narcissistic Personality Inventory (NPI), Need for Achievement Scale, Indicators of Problematic Gambling, and the Risk Adverseness Scale. Participants were assigned to a confidence (n=81) or a betting condition (n=107). Both groups expressed their confidence in their answer: those in the confidence condition with a percent confidence, and those in the betting condition with virtual money. Half of the participants in the confidence condition received feedback about the accuracy of their answer; participants in the betting condition received feedback in the form of an increase or decrease in virtual money. Preliminary analyses reveal that participants in the betting condition were significantly less confident when they had received feedback on their performance. In contrast, in the confidence condition, participants were significantly less confident when no feedback was given. Overall, participants in the confidence condition were more under confident than those in the betting condition, regardless of whether or not they had received feedback.

Publication Date

4-9-2014

Project Designation

Independent Research

Primary Advisor

Susan T. Davis

Primary Advisor's Department

Psychology

Keywords

Stander Symposium poster

Disciplines

Arts and Humanities | Business | Education | Engineering | Life Sciences | Medicine and Health Sciences | Physical Sciences and Mathematics | Social and Behavioral Sciences

Must Feedback Have a Dollar Value to Reduce Overconfidence?

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