Hindsight Bias 👁
Hello,
Let’s discuss Hindsight Bias 👁️.
What is it?
You believe that something will happen and after an event occurs, that thing happens. The first thing you tell yourself, “I knew it all along!”. That’s what Hindsight bias is.
Example -
The fourth-quarter comeback to win the game. The tumor that appeared on a second scan. The guy in accounting who was secretly embezzling company funds.
The situation may be different each time, but we hear ourselves say it over and over again: “I knew it all along.”
Where does it occur?
This bias is something that every one of us experiences. There have been moments and scenarios in our lives which felt predictable to you and you guessed them right.
However, it is not a good practise. It can lead to overconfidence.
Why do I need to know?
The issue is that many times we actually didn’t know it all along, we only feel as though we did.
The phenomenon, which researchers refer to as “hindsight bias,” is one of the most widely studied decision traps and has been documented in various domains, including medical diagnoses, accounting and auditing decisions, athletic competition, and political strategy.
Takeaways:-
Take in account those things that might have happened but didn't.
Don’t just bet on things just because you feel like it. It can a be dangerous.
References & Studies:-
https://www.verywellmind.com/what-is-a-hindsight-bias-2795236
https://study.com/academy/lesson/hindsight-bias-in-psychology-definition-examples.html
Looking for previous issues? Take a look at Archives.
Support the newsletter by Buying it a Coffee.