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Protecting the ego : motivated information selection and updating
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Castagnetti, Alessandro and Schmacker, Renke (2022) Protecting the ego : motivated information selection and updating. European Economic Review, 142 . 104007. doi:10.1016/j.euroecorev.2021.104007 ISSN 00142921.
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Official URL: https://doi.org/10.1016/j.euroecorev.2021.104007
Abstract
We investigate whether individuals self-select feedback that allows them to maintain their motivated beliefs. In our lab experiment, subjects can choose the information structure that gives them feedback regarding their rank in the IQ distribution (ego-relevant treatment) or regarding a random number (control). Although beliefs are incentivized, individuals are less likely to select the most informative feedback in the ego-relevant treatment. Instead, many individuals select information structures in which negative feedback is less salient. When receiving negative feedback with lower salience subjects update their beliefs less, but only in the ego-relevant treatment and not in the control. Hence, our results suggest that individuals sort themselves into information structures that allow them to misinterpret negative feedback in a self-serving way. Consequently, subjects in the IQ treatment remain on average overconfident despite receiving feedback.
Item Type: | Journal Article | ||||||||
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Divisions: | Faculty of Social Sciences > Economics | ||||||||
SWORD Depositor: | Library Publications Router | ||||||||
Journal or Publication Title: | European Economic Review | ||||||||
Publisher: | Elsevier | ||||||||
ISSN: | 00142921 | ||||||||
Official Date: | February 2022 | ||||||||
Dates: |
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Volume: | 142 | ||||||||
Article Number: | 104007 | ||||||||
DOI: | 10.1016/j.euroecorev.2021.104007 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Reuse Statement (publisher, data, author rights): | ** Article version: VoR ** From Elsevier via Jisc Publications Router ** History: accepted 03-12-2021; epub 20-01-2022; issued 28-02-2022. ** Licence for VoR version of this article starting on 12-01-2022: http://creativecommons.org/licenses/by/4.0/ | ||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||
Date of first compliant deposit: | 22 February 2022 | ||||||||
Date of first compliant Open Access: | 22 February 2022 | ||||||||
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