Our impression of how we acted or would have acted changes when we learn the outcome of an event.What term refers to this phenomenon?
A) halo bias
B) bounded rationality
C) satisficing
D) hindsight bias

Question

Quizplus · Accepted Answer

Hindsight bias is the phenomenon where our perception of how we acted or would have acted changes after learning the outcome of an event. It is often referred to as the "knew-it-all-along" effect. Option A, halo bias, refers to the tendency to generalize positive qualities of an individual in one aspect to other areas as well. Option B, bounded rationality, is the concept that people are limited in their decision-making abilities due to cognitive biases and time constraints. Option C, satisficing, is the process of making decisions that are satisfactory or "good enough," rather than optimal.

Our Impression of How We Acted or Would Have Acted