The tendency to overestimate how well we could have successfully forecast known outcomes is called the
A)confirmation bias.
B)hindsight bias.
C)representativeness heuristic.
D)availability heuristic.

Question

Quizplus · Accepted Answer

The tendency to overestimate how well we could have successfully forecast known outcomes is called the hindsight bias, as it involves looking back at past events and thinking that we would have predicted the outcome even though we didn't have all the information or knowledge at the time. A confirmation bias refers to the tendency to seek out information that confirms our preexisting beliefs or attitudes, while the representativeness and availability heuristics are cognitive shortcuts that rely on similarity to prototypes or ease of recall, respectively.

The Tendency to Overestimate How Well We Could Have Successfully