We Don’t Know What We Don’t Know

We Don’t Know What We Don’t Know

On 19 April 1995, McArthur Wheeler robbed two banks in Pittsburgh. Knowing that lemon juice can be used as a simple invisible ink, he smeared his face with it before the robberies, believing the juice would make his features invisible to the security cameras … This ‘illusion of competence’ is known as the Dunning-Kruger effect, a cognitive bias that describes the difficulty we all have in assessing our own abilities. Psychologists David Dunning and Justin Kruger explain that poor performers tend to over-estimate their own ability, while experts tend to over-estimate the ability of others. It’s important to understand that in most cases, the Dunning-Kruger effect happens as a result […]

When to Quit

When to Quit

The old saying that ‘winners never quit and quitters never win’ is overly simplistic. Winners ‘quit’ all the time – the key is knowing when to keep going, and when to move on. The balance we are looking for is between stubbornness and patience: is this a bad idea that isn’t going to work, or a good idea that we haven’t made work yet? Why DON’T We Quit? Sometimes we are so committed to one path, we can’t [or don’t want to] see any alternatives. This is often due to ‘sunk costs’ – the more resources we have invested [time, money, energy], the harder it is to quit. We need […]