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The Difference Between Experience and Expertise - Commoncog

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There’s a wonderful quote by psychology professor Gregory Northcraft that goes “There are a lot of areas where people who have experience think they’re experts, but the difference is that experts have predictive models, and people who have experience have models that aren’t necessarily predictive.” Northcraft’s observation was taken from William Poundstone’s Priceless: The Myth of Fair Value (and How to Take Advantage of It), and was made in reference to Northcraft and Neale’s 1987 paper on the differences in property pricing decisions between expert and amateur real estate appraisers. The more pithy version of the quote is from Michael Mauboussin, and it goes “the difference between experience and expertise is that expertise is having a predictive model that works.” This is the version that I remember, and therefore the version that I’ll use for the rest of this essay. Let’s take a look at some interesting implications from Northcraft’s idea. One of the most obvious applications of No

The Difference Between Experience and Expertise - Commoncog --> Close 0" class="border-t border-slate-100 px-4 pb-2 sm:px-7"> Enter at least 2 characters. Searching… = 2" class="divide-y divide-slate-100"> No results found. Ideas The Difference Between Experience and Expertise By Cedric Chin Table of Contents The thought of business school make you go ‘eww’? You’re in good company. 9,000+ investors and operators read Commoncog to sharpen their business acumen ... WITHOUT going back to school. Sign up for our newsletter and get a weekly dose of good business thinking (no BS guaranteed): Subscri

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