Which of the Following Is an Effective Remedy for the Overconfidence

question 57

Multiple Choice

Which of the following is an effective remedy for the overconfidence bias?

• A) Get people to think about why their judgments might be wrong.
• B) Delay feedback regarding the accuracy of their judgments.
• C) Inform people about the overconfidence bias.
• D) None of these choices-there is no remedy.

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Definitions:

Tax Rates

The percentage at which an individual or corporation is taxed by the government on income or profits.

Tax Revenue

Revenue collected by governments from taxes.

Keynesian Economists

Scholars and practitioners of economics who follow and build upon the theories of John Maynard Keynes, emphasizing the importance of total spending in the economy and government interventions to stabilize economic cycles.

Private Sector

The part of the economy that is run by individuals and companies for profit and is not state controlled.