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Individual differences in overconfidence: A new measurement approach

Published online by Cambridge University Press:  22 November 2024

Jabin Binnendyk*
Affiliation:
Department of Psychology, Cornell University, Ithaca, NY, USA Department of Psychology, University of Regina, Regina, SK, Canada
Gordon Pennycook
Affiliation:
Department of Psychology, Cornell University, Ithaca, NY, USA Department of Psychology, University of Regina, Regina, SK, Canada Hill/Levene Schools of Business, University of Regina, Regina, SK, Canada
*
Corresponding author: Jabin Binnendyk; Email: jdbinnendyk@gmail.com
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Abstract

Overconfidence plays a role in a large number of individual decision biases and has been considered a ‘meta-bias’ for this reason. However, since overconfidence is measured behaviorally with respect to particular tasks (in which performance varies across individuals), it is unclear whether people generally vary in terms of their general overconfidence. We investigated this issue using a novel measure: the Generalized Overconfidence Task (GOT). The GOT is a difficult perception test that asks participants to identify objects in fuzzy (‘adversarial’) images. Critically, participants’ estimated performance on the task is not related to their actual performance. Instead, variation in estimated performance, we argue, arises from generalized overconfidence, that is, people indicating a cognitive skill for which they have no basis. In a series of studies (total N = 1,293), the GOT was more predictive when looking at a broad range of behavioral outcomes than two other overestimation tasks (cognitive and numeracy) and did not display substantial overlap with conceptually related measures (Studies 1a and 1b). In Studies 2a and 2b, the GOT showed superior reliability in a test–retest design compared to the other overconfidence measures (i.e., cognitive and numeracy measures), particularly when collecting confidence ratings after each image and an estimated performance score. Finally, the GOT is a strong predictor of a host of behavioral outcomes, including conspiracy beliefs, bullshit receptivity, overclaiming, and the ability to discern news headlines.

Information

Type
Empirical Article
Creative Commons
Creative Common License - CCCreative Common License - BY
This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (https://creativecommons.org/licenses/by/4.0), which permits unrestricted re-use, distribution and reproduction, provided the original article is properly cited.
Copyright
© The Author(s), 2024. Published by Cambridge University Press on behalf of Society for Judgment and Decision Making and European Association for Decision Making
Figure 0

Figure 1 GOT procedure. Participants were shown 10 images. Image order was randomized and estimated performance came after all 10 images/responses.

Figure 1

Table 1 Sample characteristics for Studies 1a and 1b

Figure 2

Table 2 Means, standard deviations, and correlations across overconfidence measures

Figure 3

Table 3 Correlations (Pearson’s r) between overconfidence measures and outcome predictors

Figure 4

Table 4 Univariate regression results using various outcome predictors as the criterion

Figure 5

Table 5 Correlations (Pearson’s r) with GOT and cognitive and divergent overconfidence measures

Figure 6

Table 6 Sample characteristics for Studies 2a and 2b

Figure 7

Table 7 Correlations (Pearson’s r) between sessions 1 and 2, separated by 15 days

Figure 8

Table 8 Correlations with overconfidence and outcomes of overconfidence

Figure 9

Table 9 Univariate regression results using various outcome predictors as the criterion

Figure 10

Table 10 Mean and standard deviations of estimated performance on the GOT for party and gender broken down by comparison group

Figure 11

Figure 2 Meta-analytic standardized beta values. Red estimates and 95% CIs indicate statistically significant results (p < .05).