Data and Code for: Confidence, Self-Selection and Bias in the Aggregate

Principal Investigator(s): View help for Principal Investigator(s) Benjamin Enke, Harvard University; Thomas Graeber, Harvard Business School; Ryan Oprea, UC Santa Barbara

Version: View help for Version V1

Name	File Type	Size	Last Modified
Replication			05/09/2023 10:52:AM

Project Citation:

Enke, Benjamin, Graeber, Thomas, and Oprea, Ryan. Data and Code for: Confidence, Self-Selection and Bias in the Aggregate. Nashville, TN: American Economic Association [publisher], 2023. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2023-06-19. https://doi.org/10.3886/E185741V1

Project Description

Summary: The influence of behavioral biases on aggregate outcomes depends in part on self-selection: whether rational people opt more strongly into aggregate interactions than biased individuals. In betting market, auction and committee experiments, we document that some errors are strongly reduced through self-selection, while others are not affected at all or even amplified. A large part of this variation is explained by differences in the relationship between confidence and performance. In some tasks, they are positively correlated, such that self-selection attenuates errors. In other tasks, rational and biased people are equally confident, such that self-selection has no effects on aggregate quantities.

Funding Sources: National Science Foundation (SES-1949366)

Scope of Project

Subject Terms: Confidence; self-selection; biases; social institutions

JEL Classification:
C91 Design of Experiments: Laboratory, Individual
C92 Design of Experiments: Laboratory, Group Behavior

Data Type(s): experimental data

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Published Versions

V1 [2023-06-19]

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