Link from marginal revolutions blog
Overconfidence has been studied in 3 distinct ways.
Overestimation is thinking that you are better than you are.
Overplacement is the exaggerated belief that you are better than others.
Overprecision is the excessive faith that you know the truth.
These 3 forms of overconfidence manifest themselves under different conditions, have different causes, and have widely varying consequences. It is a mistake to treat them as if they were the same or to assume that they have the same psychological origins.