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ABSTRACT A cursory read of the popular press and the JDM research field suggest that they have very different beliefs regarding the consequences of confidence. And these beliefs have important consequences themselves. For individuals, how one views the consequences of confidence (and whether they are positive or negative) likely influences the extent to which one pursues the development of confidence and how one interprets confidence in others. For JDM researchers, their beliefs about the consequences of confidence inform research programs. For example, a belief that overconfidence leads to inappropriate medical treatments, legal advice, or investments suggests an emphasis on reducing overconfidence rather than on developing confidence. This paper aims to improve understanding of both the general public's and JDM researchers' beliefs about the consequences of confidence in knowledge. We present a general theoretical framework for thinking about the consequences of confidence, followed by two exploratory studies designed to access these beliefs, first with the general public and then with JDM researchers. We used structured, open‐ended questioning to generate a large dataset (over 10,000 responses) of potential consequences of low confidence, high confidence, overconfidence, and underconfidence. Qualitative coding identified a broad set of respondent‐generated beliefs regarding psychological and behavioral consequences, organized into antonym pairs (e.g., arrogant/high self‐image vs. low self‐image). Respondents made few distinctions between low confidence and underconfidence, viewing both negatively. However, the general public drew a sharp distinction between high confidence (described positively) and overconfidence (described negatively), a trend less prevalent among JDM researchers.