Experiments with strategic decision making

A database of business executives, consultants, professors, and students was given the same unfamiliar pricing-strategy problem.

• Generally, the I-already-knows and the Now-I-Knows tend to be older males.
• The I-don't-knows tend to be somewhat younger.
• Females make up over half of the I-don't-knows.
• The best performing group was the I-don't-knows.
• The overconfident I-already-knows had strategies that would not work. Not because they were incompetent, but because they were overconfident.