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But more than that, I am trying to switch it off when talking to other people, for the simple reason (and I'm sure this has already been pointed out before) that if you compare three people, one who estimates the probability of an event at 110%, one who estimates it at 90%, and one who compensates for overconfidence bias and estimates it at 65%, the first two will win friends and influence people, while the third will seem indecisive.
Made me think of this article. Yes, you may be able, in the short run, to win friends and influence people by tricking yourself into being overconfident. But that belief is only in your head and doesn't affect the universe–thus doesn't affect the probability of Event X happening. Which means that if, realistically, X is 65% likely to happen, then you with your overconfidence, claiming that X is bound to happen, will eventually look like a fool 35% of the time, and will make it hard for yourself to leave a line of retreat.
Conclusion: in the long run, it's very good to be honest with yourself about your predictions of the future, and probably preferable to be honest with others, too, if you want to recruit their support.
Excellent points, and of course it is situation dependent - if one makes erroneous predictions on archived forms of communication, e.g. these posts, then yes these predictions can come back to haunt you, but often, especially in non-archived communications, people will remember the correct predictions and forget the false ones. It should go without saying that I do not intend to be overconfident on LW - if I was going to be, then the last thing I would do is announce this intention! In a strange way, I seem to want to hold three different beliefs: 1) An ac...
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A list of some posts that are pretty awesome
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