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Evaluating one's own performance on a task, typically known as 'self-assessment', is perceived as a fundamental skill, but people appear poorly calibrated to their abilities. Studies seem to show poorer calibration for low performers than for high performers, which could indicate worse metacognitive ability among low performers relative to others (the Dunning-Kruger effect). By developing a rational model of self-assessment, we show that such an effect could be produced by two psychological mechanisms, in either isolation or conjunction i