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An explanation of the Dunning-Kruger effect is provided which does not require any psychological explanation, because it is derived as a statistical artifact. This is achieved by specifying a simple statistical model which explicitly takes the (random) boundary constraints into account. The model fits the data almost perfectly. JEL Classification: A22; C24; C91; D84; D91; I21.
Magnus et al. (Fri,) studied this question.