Abstract
ABSTRACTExperts are usually valued for their knowledge. However, do they possess metaknowledge, that is, knowing how much they know as well as the limits of that knowledge? The current research examined expert metaknowledge by comparing experts' and nonexperts' confidence when they made correct versus incorrect choices as well as the difference in‐between (e.g., Murphy's Resolution and Yate's Separation). Across three fields of expertise (climate science, psychological statistics, and investment), we found that experts tended to display better metaknowledge than nonexperts but still showed systematic and important imperfections. They were less overconfident than nonexperts in general and expressed more confidence in their correct answers. However, they tend to exhibit low Murphy's Resolution similar to nonexperts and gave endorsed wrong answers with equal to higher confidence than did their nonexpert peers. Thus, it appears that expertise is associated with knowing with more certainty what one knows but conceals awareness of what one does not know.
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