Asked by Steven Andekian on Jul 01, 2024
When people often blame an "act of nature" or their colleagues for their plans going awry, they are illustrating the cognitive bias known as the overconfidence effect.
Overconfidence Effect
The bias where an individual's subjective confidence in their judgments is greater than their objective accuracy.
Cognitive Bias
A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.
- Acquire knowledge about the significance of heuristics in making decisions and how they lead to regular mistakes in judgment.
Learning Objectives
- Acquire knowledge about the significance of heuristics in making decisions and how they lead to regular mistakes in judgment.