General knowledge overconfidence: cross-national variations, response style, and "reality."

Article Abstract:

General knowledge overconfidence found stronger in the Asian subjects is not a result of extreme response styles based on a research using 85 American college students and 109 Taiwanese college students. A betting game to compare inferred judgements and direct judgements pointed to evidence that overconfidence is not a data-analytic artifact but a consequential phenomenon. In the case of Taiwanese respondents, overconfidence remained constant even when those opinions had to be used to make actual wager decisions. American overconfidence, on the other hand, increased.

Research and Development in the Social Sciences and Humanities, Social & Behavioral Sciences, Psychological aspects, Analysis, Confidence, Asians, Judgments, Judgments (Law), Taiwanese, Chinese (Taiwan)

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Sunk cost effects: the influences of instruction and future return estimates

Article Abstract:

Two potential contributors to sunk cost effects were evaluated. These included instruction in the normative principles prohibiting sunk cost effects and the existence of explicit estimates of future returns. Results showed that instruction in sunk cost principles normally does not affect the susceptibility of a decision maker to sunk cost effects. Such instruction was demonstrated to influence decision behavior if a close correspondence exists between the given decision problem and the manner in which the original instruction was enacted.

Cost (Economics), Costs (Economics)

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