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Annoyance comments on Accuracy Versus Winning - Less Wrong
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People who debate this often seem to argue for an all-or-nothing approach. I suspect the answer lies somewhere in the middle: be confident if you're a salesperson but not if you're a general, for instance. I might look like a member of the "always-be-confident" side to all you extreme epistemic rationalists, but I'm not.
It depends on the cost of overconfidence. Nothing ventured, nothing gained. But if the expected cost of venturing wrongly is greater than the expected return, it's better to be careful what you attempt. If the potential loss is great enough, cautiousness is a virtue. If there's little investment to lose, cautiousness is a vice.
Right.