Confidence in Context: Perceived Accuracy of Quantitative Estimates Decreases With Repeated Trials

Across seven studies (combined N = 5,484), we demonstrated that confidence in one’s judgments decreases over a series of quantitative estimates. This finding was robust to various methods of confidence elicitation, the presence of incentives, and different estimation topics (Studies 1, 2, and 4). Our results also stand in contrast to participant expectations (Study 3). The phenomenon does not appear to be driven by fatigue, lack of effort, or...