Overconfidence and the Big Five

Schaefer, Peter; Williams, Cristina C.; Goodie, Adam S.; Campbell, W. Keith

doi:10.1016/j.jrp.2003.09.010

Cited by 226 publications

(191 citation statements)

References 20 publications

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“…Although narcissistic personality disorder is defined by the American Psychiatric Association (2013) as a A C C E P T E D M A N U S C R I P T 8 diagnosable condition, some of the features of narcissism have been linked to people who are overconfident. For example, Schaefer et al (2004) document a relationship between overconfidence and narcissistic personality traits. Generally, people with narcissistic traits have a strong need for admiration; CSR provides opportunities for CEOs to obtain admiration.…”

Section: Csr and Confidencementioning

confidence: 99%

Corporate social responsibility and CEO confidence

McCarthy

Oliver

Song

2017

Journal of Banking & Finance

253

151

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This study examines the relationship between firm corporate social responsibility (CSR) and CEO confidence. Research shows that CSR has a hedging feature. Research also shows that more confident CEOs underestimate firm risks, which, in turn, leads them to undertake relatively less hedging. Consistent with this, we find that CEO confidence is negatively related to the level of CSR. Closer analysis shows that this effect is stronger in the institutional aspects of CSR, such as community and workforce diversity, rather than in the technical aspects of CSR, such as corporate governance and product quality. Our results are robust to different competing explanations, including narcissism, which refers in this context to CEOs who engage in CSR to attract attention and alternative proxies for CSR and CEO confidence.JEL Classification: G02, G32, G34

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Section: Csr and Confidencementioning

confidence: 99%

Corporate social responsibility and CEO confidence

McCarthy

Oliver

Song

2017

Journal of Banking & Finance

253

151

View full text Add to dashboard Cite

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“…More recently, there has been interest in how personality traits and economic preferences interact. For example, it has been found that personality traits such as openness and extraversion predict confidence and overconfidence, respectively (Schaefer et al 2004); neuroticism and cognitive ability predict risk taking (Rustichini et al 2012); and narcissism predicts higher confidence and more willingness to bet on one's own performance ). Becker et al (2012) review the relationships between economic preferences and psychological personality traits, finding mixed evidence on associations between risk preferences and personality traits.…”

Section: Background Literaturementioning

confidence: 99%

How do risk attitudes affect measured confidence?

2016

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We examine the relationship between confidence in own absolute performance and risk attitudes using two confidence elicitation procedures: self-reported (non-incentivised) confidence and an incentivised procedure that elicits the certainty equivalent of a bet based on performance. The former procedure reproduces the Bhardeasy effect^(underconfidence in easy tasks and overconfidence in hard tasks) found in a large number of studies using non-incentivised self-reports. The latter procedure produces general underconfidence, which is significantly reduced, but not eliminated when we filter out the effects of risk attitudes. Finally, we find that self-reported confidence correlates significantly with features of individual risk attitudes including parameters of individual probability weighting.

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“…Confidence ratings are typically grouped into discrete categories on a Likert scale, but may also be unstructured. Schaefer et al (2004) studied overconfidence using two-option fixed-choice questions on general knowledge followed by a seven category rating of confidence in the answer provided starting from 50% (50 -52%, 53 -60%, 61 -70%, 71 -80%, 81 -90%, 91 -97%, 98 -100%). In his study, Carvalho (2009) asked psychology majors (N = 129) to indicate their confidence in the accuracy of their responses on a Likert scale ranging from 0 to 100 per cent.…”

Section: Literature Reviewmentioning

confidence: 99%

Metacognitive monitoring and learning gain in foundation chemistry

Mathabathe

Potgieter

2014

Chem. Educ. Res. Pract.

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The ability to make realistic judgements of one's performance is a demonstration of the possession of strong metacognitive skills. In this study we investigate the relationship between accuracy of selfevaluation as an expression of metacognitive skill, and learning gain in stoichiometry. The context is an academic development programme at a South African University, offered for under-prepared students enrolled for science and engineering. These students generally exhibit unrealistically high levels of confidence in performance and this could potentially place them at risk by negatively affecting decisions regarding time management and self-regulation. We investigated whether overconfidence before instruction is corrected upon exposure to teaching. A three-tier stoichiometry test was used to collect qualitative and quantitative data before and after instruction. Findings indicate that the majority of the students were overconfident in the evaluation of their performance in both the pre-and posttests. Overconfidence was not a debilitating disposition when demonstrated in the pretest provided that it was corrected during teaching and learning. The most vulnerable students were those that judged their performance or lack thereof realistically in the pretest but became overconfident during the teaching and learning of stoichiometry. Our results suggest that under-prepared students are slow to develop accurate metacognitive monitoring skills within a classroom environment that did not include instruction focused on the development of such skills. We recommend a proactive and constructive response by educators which may reduce the incidence of failure and preserve the positive contribution of confidence, albeit excessively positive.

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Overconfidence and the Big Five

Cited by 226 publications

References 20 publications

Corporate social responsibility and CEO confidence

Corporate social responsibility and CEO confidence

How do risk attitudes affect measured confidence?

Metacognitive monitoring and learning gain in foundation chemistry

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