The Dunning-Kruger Effect
In economic decision-making, this cognitive bias refers to people overestimating their knowledge or abilities in a particular area, often leading to poor decisions.
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As an avid freakonmics listener, I decided to compile a list of my own personal favorite economic facts and.
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Similar ideas to The Dunning-Kruger Effect
Dunning-Kruger Effect
- The Dunning-Kruger effect is a type of cognitive bias in which people believe that they are smarter and more capable than they really are. Essentially, low ability people do not possess the skills needed to recognize their own
The Dunning-Kruger effect
It's a type of cognitive bias in which people believe that they are smarter and more capable than they really are. Inexperience masquerades as expertise. And we tend to see it in other people, but we don’t see it in ourselves.
Who Is Affected By The Dunning-Kruger Effect
The reality is that everyone is susceptible to this phenomenon. People who are genuine experts in one area may mistakenly believe that their intelligence and knowledge carry over into other areas in which they are less familiar. A brilliant scientist, for example, might ...
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