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Are conservatives overconfident?

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  • Ortoleva, Pietro
  • Snowberg, Erik

Abstract

Recent studies suggest psychological differences between conservatives and liberals, including that conservatives are more overconfident. We use a behavioral political economy model to show that while this is undoubtedly true for election years in the current era, there is no reason to believe that conservative ideologies are intrinsically linked to overconfidence. Indeed, it appears that in 1980 and before, conservatives and liberals were equally overconfident.

Suggested Citation

  • Ortoleva, Pietro & Snowberg, Erik, 2015. "Are conservatives overconfident?," European Journal of Political Economy, Elsevier, vol. 40(PB), pages 333-344.
    • Handle: RePEc:eee:poleco:v:40:y:2015:i:pb:p:333-344
    DOI: 10.1016/j.ejpoleco.2015.04.007
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    References listed on IDEAS

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    1. Ansolabehere, Stephen & Meredith, Marc & Snowberg, Erik, 2013. "Asking About Numbers: Why and How," Political Analysis, Cambridge University Press, vol. 21(1), pages 48-69, January.
    2. Jerry Hausman, 2001. "Mismeasured Variables in Econometric Analysis: Problems from the Right and Problems from the Left," Journal of Economic Perspectives, American Economic Association, vol. 15(4), pages 57-67, Fall.
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    4. Pietro Ortoleva & Erik Snowberg, 2015. "Overconfidence in Political Behavior," American Economic Review, American Economic Association, vol. 105(2), pages 504-535, February.
    5. Brad M. Barber & Terrance Odean, 2001. "Boys will be Boys: Gender, Overconfidence, and Common Stock Investment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 116(1), pages 261-292.
    6. Alford, John R. & Funk, Carolyn L. & Hibbing, John R., 2005. "Are Political Orientations Genetically Transmitted?," American Political Science Review, Cambridge University Press, vol. 99(2), pages 153-167, May.
    7. Gilat Levy & Ronny Razin, 2015. "Correlation Neglect, Voting Behavior, and Information Aggregation," American Economic Review, American Economic Association, vol. 105(4), pages 1634-1645, April.
    8. Meredith, Marc, 2009. "Persistence in Political Participation," Quarterly Journal of Political Science, now publishers, vol. 4(3), pages 187-209, October.
    9. Stephen Ansolabehere & Marc Meredith & Erik Snowberg, 2014. "Mecro-Economic Voting: Local Information and Micro-Perceptions of the Macro-Economy," Economics and Politics, Wiley Blackwell, vol. 26(3), pages 380-410, November.
    10. Berinsky, Adam J. & Huber, Gregory A. & Lenz, Gabriel S., 2012. "Evaluating Online Labor Markets for Experimental Research: Amazon.com's Mechanical Turk," Political Analysis, Cambridge University Press, vol. 20(3), pages 351-368, July.
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    Cited by:

    1. Schnellenbach, Jan & Schubert, Christian, 2015. "Behavioral political economy: A survey," European Journal of Political Economy, Elsevier, vol. 40(PB), pages 395-417.
    2. repec:cup:judgdm:v:14:y:2019:i:4:p:412-422 is not listed on IDEAS
    3. Becky L. Choma & David Sumantry & Yaniv Hanoch, 2019. "Right-wing ideology and numeracy: A perception of greater ability, but poorer performance," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 14(4), pages 412-422, July.
    4. Stone, Daniel F., 2019. "“Unmotivated bias” and partisan hostility: Empirical evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 79(C), pages 12-26.

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    More about this item

    Keywords

    Behavioral political economy; Overconfidence; Media; Ideology; Extremeness;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods

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