Known Unknowns in Judgment and Choice

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.


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, Pages: .


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


NA - Advances in Consumer Research Volume 41 | 2013

Share Proceeding

Featured papers

See More


The Self-Bolstering Effects of Repeated Affirmations over Time

Alejandra Rodriguez, Oklahoma State University, USA
Ted Matherly, Oklahoma State University, USA

Read More


The Victory Effect: Is First-Place Seeking Stronger than Last-Place Aversion?

David Hardisty, University of British Columbia, Canada
Steven Shechter, University of British Columbia, Canada

Read More


Non-normative influence of self-decided prices on product-related inferences

Sudipta Mukherjee, Virginia Tech, USA
Mario Pandelaere, Virginia Tech, USA

Read More

Engage with Us

Becoming an Association for Consumer Research member is simple. Membership in ACR is relatively inexpensive, but brings significant benefits to its members.