Comparing the measures of consumer knowledge calibration

Abstract

Purpose Studies on consumer knowledge calibration have used different measures of calibration. The purpose of this paper is to undertake a comparative assessment of important measures. In addition, it seeks to identify the best performing measure. Design/methodology/approach The paper reports on three studies. The first study uses eight survey data sets. The second and third studies use experiments. Findings The study found that the Brier score component measure is most responsive to feedback and is the most suitable measure of knowledge calibration. The results also indicate that researchers should use measures that use item-level confidence judgements, as against an overall confidence judgement. Research limitations/implications By documenting the relationship between the different measures of knowledge calibration, the study enables proper interpretation and accumulation of results of various studies that have used different measures. The study also provides guidance to researchers in psychology and education where this issue has been noted. Practical implications The study provides guidance to managers in knowledge intensive industries, such as finance and insurance, interested in understanding their consumers’ knowledge calibration. Originality/value This is the first study in consumer research that examines this issue.

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