What Is the Tendency for Decision Makers to Falsely Believe

question 131

Multiple Choice

What is the tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once that outcome is actually known?

• A)the hindsight bias
• B)the sunk costs error
• C)the randomness bias
• D)randomness bias
• E)the selective perception bias

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Definitions:

Consciousness

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, and experiences.

Retrieval

The process of getting information out of memory storage.

Consciousness

The state of being aware of and able to think about one’s own existence, thoughts, emotions, and surroundings.

Encoding

The process of converting information into a form that can be stored in memory.