| Abstract: | Previous studies showed that random error can explain overconfidence effects typically observed in the literature. One of these studies concluded that, after accounting for random error effects in the data, there is little support for cognitive‐processing biases in confidence elicitation. In this paper, we investigate more closely the random error explanation for overconfidence. We generated data from four models of confidence and then estimated the magnitude of random error in the data. Our results show that, in addition to the true magnitude of random error specified in the simulations, the error estimates are influenced by important cognitive‐processing biases in the confidence elicitation process. We found that random error in the response process can account for the degree of overconfidence found in calibration studies, even when that overconfidence is actually caused by other factors. Thus, the error models say little about whether cognitive biases are present in the confidence elicitation process. Copyright © 2008 John Wiley & Sons, Ltd. |
