Before revision:  Heidhues et al. (2018) characterise overconfident and underconfident individuals' equilibrium beliefs and learning process in these situations. They argue overconfident individuals will act sub-optimally because of how they learn. We carry out the first experimental test of their theory. Subjects take incorrectly marked tests, and we measure how they learn about the marker's accuracy over time.
After revision:  Heidhues et al. (2018) argue that learning makes overconfident individuals worse off as their beliefs about the fundamental get less accurate, causing them to take worse actions. In our experiment, subjects take incorrectly-marked tests, and we measure how they learn about the marker's accuracy over time.