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The Effects of Feedback on Self-Assessment

It is a well-known phenomenon that people have difficulties in assessing their ability correctly. Often they overestimate their (relative) abilities. We conduct an experiment to test whether the self-assessment of individuals improves when they receive feedback and there are incentives to make a correct self-assessment. We investigate the subjects' reactions to feedback in several subsequent rounds to see not only if, but also when and how they react. Our main finding is that feedback influences subjects' decisions and can improve their overall self-assessment. The effects, however, depend on the kind of feedback. Furthermore, we observe differences in the reactions of subjects (e.g., to what extent they follow feedback), the robustness of their belief about their relative ability, and how they process feedback.