Goals and guesses as reference points: a field experiment on student performance
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| Názov: | Goals and guesses as reference points: a field experiment on student performance |
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| Autori: | Sabater Grande, Gerardo, Georgantzís, Nikolaos, Herranz Zarzoso, Noemí |
| Zdroj: | RODERIC. Repositorio Institucional de la Universitat de València Universitat de València Repositori Universitat Jaume I Universitat Jaume I |
| Informácie o vydavateľovi: | Springer Science and Business Media LLC, 2022. |
| Rok vydania: | 2022 |
| Predmety: | Monetary incentives, Overconfidence bias, Anàlisi financera, 4. Education, 0502 economics and business, 05 social sciences, Reference points, Kruger cognitive bias, 0501 psychology and cognitive sciences, Dunning, Self-chosen goals, Post-dictions |
| Popis: | In this paper, we study overconfidence and goal-setting in academic performance, with and without monetary incentives. Students enrolled in a microeconomics course were offered the possibility of setting their own target grade before taking part in the final exam. They were also asked to guess their grade immediately after they had taken the exam (“post-diction”). In general, students overestimated their performance, both at the goal-setting and at the post-diction stages. Controlling for several sources of this bias (cognitive abilities, academic record and self-reported academic confidence), we find that the use of monetary rewards mitigates the overestimation of potential achievements and eliminates overestimation of actual achievements through the improvement of actual performance. Our results suggest that monetary incentives do not cause subjects to put more effort into correct guesses but make them put more effort into academic performance. Using students’ academic records to measure overall skill, we find a strong Dunning–Kruger bias which is intensified in the presence of monetary rewards. |
| Druh dokumentu: | Article Other ORP type |
| Popis súboru: | application/pdf |
| Jazyk: | English |
| ISSN: | 1573-7187 0040-5833 |
| DOI: | 10.1007/s11238-022-09892-x |
| DOI: | 10.1007/s11238-022-09892-x#citeas |
| Prístupová URL adresa: | https://hdl.handle.net/10550/87123 http://hdl.handle.net/10234/198097 |
| Rights: | CC BY |
| Prístupové číslo: | edsair.doi.dedup.....0bfc12c07d78bd6d27d7dca8a050d2e4 |
| Databáza: | OpenAIRE |
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Nájsť tento článok vo Web of Science | Abstrakt: | In this paper, we study overconfidence and goal-setting in academic performance, with and without monetary incentives. Students enrolled in a microeconomics course were offered the possibility of setting their own target grade before taking part in the final exam. They were also asked to guess their grade immediately after they had taken the exam (“post-diction”). In general, students overestimated their performance, both at the goal-setting and at the post-diction stages. Controlling for several sources of this bias (cognitive abilities, academic record and self-reported academic confidence), we find that the use of monetary rewards mitigates the overestimation of potential achievements and eliminates overestimation of actual achievements through the improvement of actual performance. Our results suggest that monetary incentives do not cause subjects to put more effort into correct guesses but make them put more effort into academic performance. Using students’ academic records to measure overall skill, we find a strong Dunning–Kruger bias which is intensified in the presence of monetary rewards. |
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| ISSN: | 15737187 00405833 |
| DOI: | 10.1007/s11238-022-09892-x |