Confidence
Alan Schwartz
Subjective confidence is usually thought of as the degree to which a person believes they are correct about a judgment and are willing to say so. Confidence can be important when there is no objective guide to accuracy; in these cases, decision makers will usually prefer to make the judgment in which they have the greatest confidence; confidence can drive further behaviors (Weber, Böckenholt et al. 2000). Accordingly, there has been some concern that decision makers have appropriate levels of confidence in their judgments.
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