Overconfident Consumers in the Marketplace

@inproceedings{Grubb2015OverconfidentCI,
  title={Overconfident Consumers in the Marketplace},
  author={Michael D. Grubb},
  year={2015}
}
The term overconfidence is used broadly in the psychology literature, referring to both overoptimism and overprecision. Overoptimistic individuals overestimate their own abilities or prospects. In contrast, overprecise individuals place overly narrow confidence intervals around forecasts, thereby underestimating uncertainty. These biases can lead consumers to misforecast their future product usage, or to overestimate their abilities to navigate contract terms. In consequence, consumer… CONTINUE READING

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