They paid too much attention to the averages, and too little to the uncertainties inherent in them, thereby displaying too much confidence.
Thursday, August 23, 2012
Economists Are Overconfident. So Are You
HBR blogger, Justin Fox, provides a great explanation in "Economists Are Overconfident. So Are You" for why you need to report insights with graphs, not just numbers or even no numbers at all. Here's the key take-away for you: