Self-attribution bias causes investors to attribute their successes to skill and failures to chance.

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Self-attribution bias is a cognitive bias where individuals attribute their successes to inherent qualities like skill or knowledge but attribute their failures to external factors like chance or circumstances beyond their control. This bias is common among investors who often believe that their good investment decisions are a result of their own skill or knowledge, while any losses are due to market volatility or other external factors.

Self-Attribution Bias Causes Investors to Attribute Their Successes to Skill