López-Pérez, R., Rodríguez-Moral, A., & Vorsatz, M. (2021). Simplified mental representations as a cause of overprecision. Journal of Behavioral and Experimental Economics

Abstract. Although no consensus on the issue exists yet, some evidence indicates that people are typically overprecise in their inferences. In particular, subjective confidence intervals are often too narrow when compared with Bayesian ones. This paper uses a quasi-Bayesian theory and lab experiments to explore overprecision when people learn about the empirical frequency of some random event.