Motivational Bias – Motivational bias causes people to misremember their original judgments to look wiser than they are.Metacognitive: This phenomenon occurs when individuals think of their past thoughts or events, becoming confused about their certainty.Reconstruction Bias – It arises when people attempt to reconstruct a story around the past event that leans toward the actual outcome.Distorted Memories – Distortion of memories of past events can cause people to believe that they correctly guessed the actual outcome.You are free to use this image on your website, templates, etc, Please provide us with an attribution link How to Provide Attribution? Article Link to be Hyperlinked It may occur due to the following reasons: It is when they begin claiming to have predicted the result. However, that belief changes quickly after knowing the result of an event. It happens because people tend to remember what they believe is true. Hindsight bias originates from psychology, clouding a person’s decision-making ability to recall their prior expectations for an event after learning about its actual outcome. Intuitions may be wrong, but data, most likely, give the correct picture. A way to avoid hindsight bias in decision-making is to base it on data and not emotions.Such decisions might be beyond their risk-bearing capacity, and they might end up incurring huge losses financially and otherwise. It may mislead individuals into thinking that they have an exceptional intuition leading them to make irrational decisions.It makes them believe that they could predict future events as well. Hindsight bias refers to people’s tendency to overrate their potential to predict the result of a past event in hindsight.
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