You Actually Know Less Than You Think You Do
I found this fascinating and it had me drawing bikes on a blank piece of paper. The central issue is that we actually know less about he world than we think we do. These errors abound in simple tasks and in our understanding of the way the world works. It is natural therefore that such errors creep into the way we think the market works and the way it actually does work. More importantly such errors will creep into the way we think we operate and the way we think we operate in concert with the market.
It would be interesting for them to do the same experiment on uni physics entry students.
I cycle a lot and repair bikes a bit so I did OK. I thought my wife would too – she cycles with me most of the time but she made pretty much the same errors as most of those folk