The Dunning Kruger effect is one of the behavioral finance biases that inflates our ego and tempts us to make overconfident decisions, especially investing decisions. This is one of the cognitive biases that makes people with low ability at a task overestimate their skill.
Graeme Newell, a behavioral finance advisor, shows specific situations when we’re most likely to get overconfident.
The Dunning Kruger effect is also often called the double curse, not only do those people perform poorly, but they are not self-aware enough to judge themselves accurately.
Watch the video to learn two ways on how to avoid the Dunning Kruger effect.
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About Graeme’s Channel:
I’m a researcher, speaker and author who specializes in behavioral finance. I take perverse pleasure in putting people inside of brain scanners, then asking them to make important money decisions.
My videos reveal the vulnerable situations when business leaders and everyday people are most likely to make crazy-bad, impulsive money decisions. I teach how to use brain science insights to make smarter decisions that grow businesses and increase wealth.
Learn more about how brain science insights can help you make smarter decisions:
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