A hindsight bias occurs when decision makers increase their commitment to a previous decision despite evidence that it may have been wrong.

Question

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Hindsight bias refers to the tendency of people to overestimate their ability to have predicted an outcome that could not possibly have been predicted. It is not about increasing commitment to a previous decision despite evidence it was wrong; that is more closely related to escalation of commitment or sunk cost fallacy.

A Hindsight Bias Occurs When Decision Makers Increase Their Commitment