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The present research addresses whether narcissists are more overconfident than others and whether this overconfidence leads to deficits in decision making. In Study 1, narcissism predicted overconfidence. This was attributable to narcissists' greater confidence despite no greater accuracy. In Study 2, participants were offered fair bets on their answers. Narcissists lost significantly more points in this betting task than non‐narcissists, due both to their greater overconfidence and greater willingness to bet. Finally, in Study 3, narcissists' predictions of future performance were based on performance expectations rather than actual performance. This research extends the literature on betting on knowledge to the important personality dimension of narcissism. Copyright © 2004 John Wiley & Sons, Ltd.