I am fascinated by cognitive biases and heuristics which are part of the growing field of behavioral econonomics. I’ve written about a cognitive bias known as “The Dunning-Krueger effect” before, but today I’d like to discuss one that I see quite often at work – the “status quo bias”. The status quo bias occurs when […]
Ignorance begets Confidence There’s a cognitive bias known as The Dunning-Kruger Effect that describes how people who are very bad at something, actually think that they are quite good because they don’t know enough to understand just how bad they are; they overestimate their performance. “The trouble with the world is that the stupid are […]
