Confidence in financial knowledge
Choice and confidence data from a study of financial knowledge involving U.S. undergraduates.
A data frame with 4230 observations on the following 11 variables.
Experimental condition, with levels
Equals 1 if the foil (incorrect alternative) was easy, 0 if the foil was hard (see details).
Equals 1 if the correct alternative was the first one displayed (on top), 0 otherwise.
Participant's choice (equals one for the first alternative, 0 for the second alternative).
Participant's accuracy (essentially
3ei, the participant's confidence in the first alternative.
3ei, the participant's confidence in the second alternative.
The participant's confidence in his/her choice (see details).
The number of choice revisions that the participant made.
The data come from Study 2 of Sieck, Merkle, and Van Zandt (2007). Experimental participants completed a 30-item, 2-alternative test of financial knowledge. For each item, the participant first chose an alternative and then made a confidence judgment.
elicitation method varied across three between-subjects conditions.
1cd, participants reported confidence in their
chosen alternative on a scale from 50% to 100%. For conditions
3ei, participants reported independent confidence judgments
for each alternative on scales from 0% to 100%. These independent
confidence judgments are contained in
In these conditions,
probc is obtained by normalizing confidence
in the chosen alternative by the sum of independent judgments.
In addition to reporting independent confidence judgments in condition
participants wrote an explanation in response to the
question "Why is this option true?" prior to reporting each confidence
For each item, the incorrect alternative was manipulated to sometimes be
easyfoil==1) and sometimes be difficult
easyfoil==0). Foil difficulty was defined by the accuracy of an
independent group of students on a four-alternative version of the
financial knowledge test; see Sieck et al. for more detail.
Provided by Ed Merkle.
Sieck, W.R., Merkle, E.C., & Van Zandt, T. (2007). Option fixation: A cognitive contributor to overconfidence. Organizational Behavior and Human Decision Processes, 103, 68-83.