Curse of knowledge
From The Art and Popular Culture Encyclopedia
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The curse of knowledge is a cognitive bias that leads better-informed parties to find it extremely difficult to think about problems from the perspective of lesser-informed parties. The effect was first described in print by the economists Colin Camerer, George Loewenstein and Martin Weber, though they give original credit for suggesting the term to Robin Hogarth.
An example of this bias would be of a tailor selling clothes. Because the tailor has made a dress, he is intimately familiar with the quality of the item in craftsmanship, features, and fabric quality. When pricing a dress for sale, however, he needs to take the point of view of an uninformed customer - someone might be walking into the store with no previous knowledge of the owner, dressmaker, or how difficult or easy the item is to make. The tailor, as hard as he might try to take the point of view of the customer, cannot completely separate himself from the knowledge he has of the quality of this dress, and therefore will assume a customer will value and pay much more for the dress than is actually true.
See also
- Hindsight bias
- Dunning–Kruger effect
- Empathy gap
- False-consensus effect
- Information asymmetry
- Naive realism
- Adverse selection
- Shoshin
- Adaptive bias
