On the Verges of Overconfidence | Zendy

Ulrike Malmendier | Zendy; Timothy Taylor | Zendy

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On the Verges of Overconfidence

Author(s) -

Ulrike Malmendier,

Timothy Taylor

Publication year - 2015

Publication title -

the journal of economic perspectives

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 9.614

H-Index - 196

eISSN - 1944-7965

pISSN - 0895-3309

DOI - 10.1257/jep.29.4.3

Subject(s) - overconfidence effect , economics , stock (firearms) , capital market , behavioral economics , financial economics , government (linguistics) , empirical research , stock market , empirical evidence , microeconomics , monetary economics , finance , social psychology , mechanical engineering , psychology , linguistics , philosophy , epistemology , engineering , paleontology , horse , biology

This symposium provides several examples of overconfidence in certain economic contexts. Michael Grubb looks at "Overconfident Consumers in the Marketplace." Ulrike Malmendier and Geoffrey Tate consider "Behavioral CEOs: The Role of Managerial Overconfidence." Kent Daniel and David Hirshleifer discuss "Overconfident Investors, Predictable Returns, and Excessive Trading." A number of insights and lessons emerge for our understanding of markets, public policy, and welfare. How do firms take advantage of consumer overconfidence? Might government attempts to rule out such practices end up providing benefits to some consumers but imposing costs on others? How are empirical measures of CEO overconfidence related to investment and the capital structure of firms? Can overconfidence among at least some investors help to explain prominent anomalies in stock markets like high levels of trading volume and certain predictable patterns in stock market returns?

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