Which of the following best describes the hindsight bias?
A) the tendency to look for or pay attention only to information that confirms one's own belief
B) the tendency to overestimate one's ability to have predicted an event once the outcome is known
C) the tendency to solve problems using procedures that worked before on similar problems
D) the tendency of individuals to increase their liking for something that they have worked hard or suffered to attain

Question

Quizplus · Accepted Answer

Hindsight bias refers to the tendency to overestimate one's ability to have predicted an event once the outcome is known, often referred to as "I-knew-it-all-along" phenomenon. This bias arises from our natural tendency to seek explanations for the outcome and create a coherent story. This can lead to overconfidence and problems in decision-making.

Which of the Following Best Describes the Hindsight Bias