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Both the enhancement and maintenance of confidence is always viewed as an important aspect of human impulse. Educators, writers, philosophers, and psychologists have over the years made emphasis on the key character played by the self-image in inspiration and the social contact to an individual. Therefore the main purpose of this paper is to convey this specific concerns into the jurisdiction of economic analysis, at the same time showing that this does have important implications on the way agents not only make decisions but also process information. Undeniably, both the demands and the supply sides of self-confidence appears at odds with the economist’s assessment on the human behavior and reasoning. Having confidence, therefore, is the ability of an individual identifying what he or she is good at, the values they provide and the individual acting in the manner which suggests to others that he or she is confident.
In general, the society does view self-confidence to be a widely observed individual’s asset termed to be valuable. Through individuals viewing themselves positively, they become happier and also develops confidence. Through developing high self-esteem one develops the morality of convincing others. For instance, it’s always said that for one to lie in a more convincing manner one must start by believing his or her own lies. Through which the other party will get convinced they are being told the truth. On the other hand the knowledge that people are clear and do have distress in misinterpreting their own private information might also seem not to be usual in economics, an individual is able to obtain an instrumental self-confidence value from a signaling game where those who really have confidence in their own capabilities face a lower cost of representing themselves in a more favorable manner to others. As human beings, we always tend to go through life as we evaluate ourselves and also other people according to the scale of worth. The virtues acquired from self-confidence does vary from one person to the other. Whenever we develop the habit of negative thinking towards our selves then low self-esteem becomes eminent and as a result, we end up putting little value in ourselves. The later can also result in negative life experiences this especially when we are young and most exposed.
Self-confidence can improve an individual’s motivation in undertaking projects besides persevering in the quest of his own objectives, irrespective of the temptations and the setbacks that test his willpower occasionally. Morale has been documented as the key to an individual winning a medal, success of getting into college, doing innovative research, losing weight, coming up with a great book or even performing on stage among others. The link between motivation and self-confidence is seen to be persistent in the psychology literature, this seen to be evident right from the early works of James (1890), to the modern psychologist such as Bandura (1977) in their book “the beliefs of personal efficacy constitute the key factor of human agency.”
Being that higher confidence level does improve an individual’s incentive this contributes anyone with a bestowed interest in their performance to be able to figure and also uphold their self-esteem. First and foremost the schemer might be a different person such as a teacher, next of kin, colleague, acquaintance or even a manager that is excited to apply themselves equally to the task at hand. Such as the personal strategy studied in the works of Benabou and Tirole (2000). Nevertheless, for an individual who is in anguish from time conflict, for instance, the hyperbolic discounting, the existing self-do have an interest on an individual’s confident of the future selves, being it assists in countering their ordinary tendency to quite easily. We see that it is in this particular framework psychologists such as Carrillo Mariotti supports his research. The latter talks about the reasons as to why sometimes people do deliberately tend to impair their own performance or even choose assertive tasks that they are sure to fail. In his work he further talks about intrapersonal strategies of self-confidence carried out through investigations makes others see the reasons as to why they are able to make decisions on remaining uninformed on their own ability. As discussed earlier this not only affects the family members and the loved ones of this particular individual but also prevents one from helping others. According to one study carried out by both the University of California and Edinburgh, unless one is sure of losing a fight having confidence in oneself will more than one occasion lead to success. It is also seen that specific people who lack confidence in their lives tend to give up on their ability to make a difference in other people’s lives. These costs do spread to other members of the family and as a result, afflicting those who are close to those lacking confidence. Loss of confidence is also accompanied by loss of love, affinity, intimacy, and partnership.
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