A Multi-Agent Model of Misspecified Learning with Overconfidence
Abstract
Overconfidence has been extensively documented in psychology and economics. This paper studies the long-term interaction between two overconfident agents who learn about common payoff-relevant fundamentals, such as the quality of a joint project or their working environment, and choose how much effort to exert. Overconfidence causes agents to underestimate the fundamental to justify their worse-than-expected performance. We show that in many...
Paper Details
Title
A Multi-Agent Model of Misspecified Learning with Overconfidence
Published Date
Jan 28, 2021
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