Chapter
The Dunning-Kruger Effect
51:12 - 1:03:03 (11:51)
The Dunning-Kruger effect is a cognitive bias in which people with low ability at a task overestimate their own ability while experts underestimate their own ability. Some products are overpriced because of the packaging, as with Carlsberg beer.
Clips
The podcast discusses the concept of moral licensing in psychology, which states that individuals tend to overcompensate ethically after doing something good.
51:12 - 54:55 (03:43)
Summary
The podcast discusses the concept of moral licensing in psychology, which states that individuals tend to overcompensate ethically after doing something good.
ChapterThe Dunning-Kruger Effect
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
Beer bottles account for more than 50% of the cost of beer, making it difficult for smaller breweries to compete against larger ones like Carlsberg.
54:55 - 59:29 (04:34)
Summary
Beer bottles account for more than 50% of the cost of beer, making it difficult for smaller breweries to compete against larger ones like Carlsberg.
ChapterThe Dunning-Kruger Effect
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
The Dunning-Kruger effect is a cognitive bias where people who are incompetent in specific areas overestimate their abilities, while people who are experts often underestimate their abilities.
59:29 - 1:03:03 (03:34)
Summary
The Dunning-Kruger effect is a cognitive bias where people who are incompetent in specific areas overestimate their abilities, while people who are experts often underestimate their abilities. This bias has implications for marketers in terms of overconfidence leading to early rejection of successful campaigns.