Possible Explanation
It is suggested that the confidence bias can be explained by a noisy conversion of objective evidence (observation) into subjective estimates (judgment), whereas noise is defined as the mixing of memories during the storing (observing/learning) and retrieval process (remembering/judgment). The information-theoretic logic behind this explanation is very similar to the mechanism that can also lead to the conservatism bias, and holds that we mix true and false evidence during storage and retrieval of evidence to and from our memories. The confidence bias results because as judges we "look inside our own memory" (evaluate our confidence) and find evidence that is more extreme than when we retrieve evidence for our judgements (which are conservative due to mixing of extreme values during retrieval). This explanation is very simple and straightforward, but nevertheless sufficient mechanism to generate both, overconfidence (in situations where judges are very sure) and underconfidence (in cases when judges openly state to lack the required knowledge).
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