"Yes, we know!" (Over)confidence in general knowledge among Austrian entrepreneurs

Decision making dyads and judgement overconfidence: Implications for high-risk industries

In the workplace, overconfidence is generally considered undesirable as it may increase people's propensity to take risks. In many areas (e.g., aviation, shipping, nuclear control, and driving), risk-taking is detrimental to safety. We hypothesised that decision-makers would be overconfident and, due to group polarisation, decision-making pairs would be more overconfident than single decision-makers. As was predicted, when answering a 24-item general knowledge questionnaire (d = 0.94) and a task exploring how they might reorient themselves if lost (d = 1.93), participants (N = 63) were overconfident about their performance; importantly, participants in pairs (n = 32) were more overconfident on general knowledge (Hedges' g = 0.51) and lost procedures (Hedges' g = 0.52), than were participants who completed the tasks alone (n = 31). The findings imply that in some situations, single decision-makers may exhibit less overconfidence. The safety implications for a number of areas are discussed.