Jerry starts his own business even when he is advised by family and friends that it is not a suitable opportunity.His friends feel that the market is uncertain and a new entry at this juncture is inadvisable.Jerry soon realizes that his friends were right and he should have taken their advice.In spite of himself,he is forced to admit that the market situation is such that it would take more than being a good entrepreneur to survive.Which of the following is Jerry experiencing?
A)exploitation
B)anchoring
C)information bias
D)illusion of control
E)reactance

Question

Quizplus · Accepted Answer

Jerry is experiencing the illusion of control, which is the tendency to overestimate one's ability to control events, in this case, believing he could succeed in a difficult market despite advice to the contrary.

Jerry Starts His Own Business Even When He Is Advised