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Confidence and the description–experience distinction

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dc.contributor.authorLejarraga, José
dc.contributor.authorLejarraga, Tomás
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2025-07-02T12:57:20Z
dc.date.available2025-07-02T12:57:20Z
dc.date.issued2020-11
dc.description.abstractIn this paper, we extend the literature on the description–experience gap in risky choices by focusing on how the mode of learning—through description or experience—affects confidence. Specifically, we explore how learning through description or experience affects confidence in (1) the information gathered to make a decision and (2) the resulting choice. In two preregistered experiments we tested whether there was a description–experience gap in both dimensions of confidence. Learning from description was associated with higher confidence—both in the information gathered and in the choice made—than was learning from experience. In a third preregistered experiment, we examined the effect of sample size on confidence in decisions from experience. Contrary to the normative view that larger samples foster confidence in statistical inference, we observed that more experience led to less confidence. This observation is reminiscent of recent theories of deliberate ignorance, which highlight the adaptive benefits of deliberately limiting information search.
dc.description.peerreviewedyes
dc.description.statusPublished
dc.formatapplication/pdf
dc.identifier.citationLejarraga, T., & Lejarraga, J. (2020). Confidence and the description–experience distinction. Organizational Behavior and Human Decision Processes, 161, 201-212. https://doi.org/10.1016/j.obhdp.2020.07.003
dc.identifier.doihttps://doi.org/10.1016/j.obhdp.2020.07.003
dc.identifier.issn1095-9920
dc.identifier.officialurlhttps://www.sciencedirect.com/science/article/pii/S074959782030368X
dc.identifier.urihttps://hdl.handle.net/20.500.14417/3830
dc.journal.titleOrganizational Behavior and Human Decision Processes
dc.language.isoen
dc.page.final212
dc.page.initial201
dc.page.total11
dc.publisherElsevier
dc.relation.departmentEntrepreneurship
dc.relation.entityIE University
dc.relation.schoolIE Business School
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/deed.en
dc.subject.keywordConfidence
dc.subject.keywordConfidence in choice
dc.subject.keywordConfidence in information
dc.subject.keywordDecisions under risk
dc.subject.keywordDecisions under uncertainty
dc.subject.keywordExperience-based choice
dc.subject.keywordDescription-based choice
dc.subject.keywordDescription–experience gap
dc.subject.keywordSampling
dc.titleConfidence and the description–experience distinction
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/acceptedVersion
dc.volume.number161
dspace.entity.typePublication
relation.isAuthorOfPublication47921e9e-bef7-4abf-9548-703e26e64d5a
relation.isAuthorOfPublication.latestForDiscovery47921e9e-bef7-4abf-9548-703e26e64d5a
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