The Relationship Between the Dunning-Kruger Effect and Competition Entry

Dublin Core

Title

The Relationship Between the Dunning-Kruger Effect and Competition Entry

Description

Studies show that most people are overconfident about their own relative abilities, even when these abilities are unsubstantiated. Overconfidence plays an important role in a person’s decision to enter into a competition and this decision can have a significant effect on economic behavior. In the present study, 30 Wagner College students were asked to answer a 10 question quantitative reasoning questionnaire with five subsequent questions that asked them how difficult they thought the questionnaire was, to compare how they think they scored on this questionnaire to other college students based on percentile rank, and to note how many questions out of 10 they think they answered correctly. Participants were also asked if they would like to enter their scores into competition with other Wagner College students and if they would like to enter their scores into competition with Harvard University students. The relationship between overconfidence and entry into competition were then analyzed. Evidence of overconfidence was present, but the results did not support the hypothesis that the proportion of overconfident Wagner students who enter into a competition with other Wagner students is greater than the proportion of overconfident Wagner students who enter into a competition with Harvard students. Implications of this study and future applications of the model are discussed.

Creator

Shteinberg, Debra

Date

5/1/2020

Contributor

Behavioral Economics

Rights

U.S. and international copyright laws may protect this work. It is provided by Wagner College for scholarly or research purposes only. Commercial use or distribution is not permitted without prior permission of the copyright holder.

Format

application/pdf

Extent

41 pages

Language

eng

Type

text

Identifier

2020-economics-shteinberg

Rights Holder

Wagner College, Staten Island, NY

Document Item Type Metadata

Original Format

Paper

Date Digital

2020

Tags

Citation

Shteinberg, Debra, “The Relationship Between the Dunning-Kruger Effect and Competition Entry,” Wagner College Digital Collections, accessed May 10, 2021, https://wagnercollections.omeka.net/items/show/19124.