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What is the Illusion of Knowledge?

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I first discovered the illusion of knowledge theory whilst reading "The Invisible Gorilla." I highly recommend this book for anyone who is interested in human perception. What is the Illusion of Knowledge?  The illusion of knowledge occurs whenever people think they know more than they actually do. For example, you may feel confident explaining simple questions, only to realise that your understanding is shallow when placed under pressure.  In one genius study, participants were asked to rate their understanding of how a bicycle works on a 1-7 point scale. Participants on average rated their knowledge relatively high, only to realise that they missed multiple key components when their design was assessed objectively.  Examples of the Illusion of Knowledge? Reading text repeatedly yields diminishing returns in actual knowledge, however it increases familiarity leading to a false sense of understanding. We can only interpret our true knowledge by testing ourselves, interest...