The Effects of Visualization and Interactivity on Calibration in Financial Decision-Making

This study examines how visualization and interactivity affect accuracy, confidence, and calibration in a financial decision-making context. Decision-makers are typically overconfident and this research proposes that visualization and interactivity can reduce calibration, increasing overconfidence. An experiment was conducted with 157 participants and the results showed that visualization and interactivity features can increase decision-maker confidence independently. However, interactive visualization, both interface features, are required to increase accuracy. As a result, when interactivity and visualization are offered individually, decision-makers become overconfident, less calibrated. Implications for designers are discussed.