Asked by Daman Preet Dhillon on Jul 16, 2024
Verified
Which of the following cognitive biases refers to people's tendency to attribute their successes to personal ability and effort,and failures to forces outside their control?
A) Overconfidence effect.
B) Confirmation bias.
C) Self-serving bias.
D) Hindsight bias.
Self-Serving Bias
The common habit of a person taking credit for positive events or outcomes, but blaming outside factors for negative events.
Cognitive Biases
Systematic patterns of deviation from norm or rationality in judgment, leading individuals to make illogical decisions.
Overconfidence Effect
A cognitive bias where an individual's subjective confidence in their judgments is greater than their objective accuracy.
- Acknowledge multiple cognitive biases and their repercussions on economic activities.
Verified Answer
Learning Objectives
- Acknowledge multiple cognitive biases and their repercussions on economic activities.
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