1-wt% Pd-CeO(2) catalysts were prepared by co-precipitation of Pd nanoparticles with ceria (Pd@CeO(2)-CP), by a microemulsion procedure (Pd@CeO(2)-ME), and by normal impregnation of Pd salts (Pd/CeO(2)-IMP) in order to test the concept that Pd-CeO(2) catalysts could be more stable for the water-gas-shift (WGS) reaction when the Pd is embedded in CeO(2). Initial WGS rates measured at 250 degrees...

Drawing on research in the psychology of judgment and decision making, I argue that individual economists acting as experts in matters of public policy are likely to be victims of significant overconfidence. The case is based on the pervasiveness of the phenomenon, the nature of the task facing economists-as-experts, and the character of the institutional constraints under which they operate. M...

I show that persistent underconfidence and overconfidence each arise from rational learning about one’s own abilities. If an agent chooses to exert more effort when more confident and believes that greater effort reliably improves outcomes, then the agent learns away overconfidence faster than he learns away underconfidence. The agent ends up underconfident on average. In contrast, the agent en...

Excess entry – or the high failure rate of market-entry decisions – is often attributed to overconfidence exhibited by entrepreneurs. We show analytically that whereas excess entry is an inevitable consequence of imperfect assessments of entrepreneurial skill, it does not imply overconfidence. Judgmental fallibility leads to excess entry even when everyone is underconfident. Self-selection impl...

In this paper individual overconfidence within the context of an experimental asset market is investigated. Overall, 72 participants traded one risky asset on six markets of 12 participants each. The results indicate that individuals were not generally overconfident. Moreover, overconfidence was found to be moderated by the methodology used. Participants were well-calibrated as well as overand ...

We interpret workers’ confidence in their own skills as their morale, and investigate the implication of worker overconfidence on the firm’s optimal wage-setting policies. In our model, wage contracts both provide incentives and affect worker morale, by revealing private information of the firm about worker skills. We provide conditions for the non-differentiation wage policy to be profit-maxim...

Background and Objective: The increasing demand for the discovery of next-generation antimicrobials necessitates the use of plant extracts as alternatives. This study investigates the antibacterial efficacy of extracted cinnamon essential oil (CEO) and commercial cinnamaldehyde (CN) against foodborne pathogens. Methods: Kirby-Bauer disc diffusion method was used to screen the antimicrobial pot...

In this paper, we examine the influence of overconfidence in parameter specification on the performance of a Bayesian network model in the context of Hepar II, a sizeable Bayesian network model for diagnosis of liver disorders. We enter noise in the parameters in such a way that the resulting distributions become biased toward extreme probabilities. We believe that this offers a systematic way ...

Economic analyses of asymmetric information typically start with the assumption that individuals know more about their own characteristics than outside observers. This assumption implies that individuals can accurately assess their own competence in a given domain. However, individuals can only judge their competence if they are sufficiently competent. The relationship between competence and se...

A group exhibits overconfidence if significantly more than half the group members declare to be better than the median in some characteristic. Overconfidence was found in verbal reports for a variety of characteristics and settings but was less often studied for choice behaviour. In an experiment we tested how perceived relative skill influences verbal and choice behaviour. Treatments varied ta...