The tendency to overestimate one's ability to have predicted an event once the outcome is known is called
A)a mental set.
B)hindsight bias.
C)confirmation bias.
D)fairness bias.

Question

Quizplus · Accepted Answer

Hindsight bias is the tendency to overestimate one's ability to have predicted an event once the outcome is known, often referred to as the "I-knew-it-all-along" phenomenon. Mental set refers to a habitual way of approaching or thinking about a problem or situation, confirmation bias is the tendency to seek out or interpret information in a way that confirms one's preexisting beliefs or hypotheses, and fairness bias is the tendency to make decisions based on a desire for fairness or equity, even if it may not be the most logical or rational choice.

The Tendency to Overestimate One's Ability to Have Predicted an Event