Overconfidence

Overconfidence Daniel Kahneman, a Nobel Prize winning behavioral economist, said that if he could eliminate only one human psychological bias, it would be overconfidence. In one study of American drivers, 93% claimed to be better than the median. Obviously only 50% can be better than the median. How can you deal with this all [...]

By | December 6th, 2019|Categories: Lessons Learned, Management|Tags: , , |0 Comments

Crowdsourcing – Wisdom or Madness?

Crowdsourcing - Wisdom or Madness? According to Nietzsche “Madness is rare in individuals, but in groups, parties, and nations it is the rule.”  James Surowiecki’s book “The Wisdom of Crowds” has popularized the opposite concept. Free market capitalism (Adams Smith’s “invisible hand”) and democracy are often used as examples of the wisdom of crowds [...]

By | November 16th, 2019|Categories: Uncategorized|Tags: , , , |0 Comments