What is the tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once that outcome is actually known?
A) the selective perception bias
B) the randomness bias
C) the sunk costs error
D) the hindsight bias

Question

Quizplus · Accepted Answer

This phenomenon is commonly known as the hindsight bias, where decision makers tend to overestimate their ability to predict an event after knowing the actual outcome. This bias can lead to overconfidence and poor decision making in the future.

What Is the Tendency for Decision Makers to Falsely Believe