Known Unknowns in Judgment and Choice

Daniel Walters, University of California Los Angeles, USA
Craig Fox, University of California Los Angeles, USA
Philip M. Fernbach , University of Colorado, USA
Steven Sloman, Brown University, USA
In six studies we explore metacognitive knowledge in consumer judgment and choice. Differences in awareness of known unknowns is related to Cognitive Reflection Test (CRT) scores and predicts biases such as overconfidence and the comparative ignorance effect. Consumers can be nudged to consider known unknowns for better judgments and decisions.
[ to cite ]:
Daniel Walters, Craig Fox, Philip M. Fernbach , and Steven Sloman (2013) ,"Known Unknowns in Judgment and Choice", in NA - Advances in Consumer Research Volume 41, eds. Simona Botti and Aparna Labroo, Duluth, MN : Association for Consumer Research.