The Overconfidence Bias-People's Subjective Confidence in Their Decision Making Is

question 25

Essay

The overconfidence bias-people's subjective confidence in their decision making is greater than their objective accuracy.For instance,with experienced investment advisors whose financial outcomes simply depended on luck,"the illusion of skill is not only an individual aberration;it is deeply ingrained in the culture of the industry."

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Definitions:

College Students

Individuals enrolled in institutions of higher education to pursue various academic degrees or certifications.

Midlife Transition

A period of life, often around middle age, where individuals undergo significant personal reevaluation and change.

Moratorium

A temporary suspension or delay of an activity or a law, often used in the context of legal matters or developmental psychology as a period of identity exploration.

Kohlberg's Stages

A theory proposed by Lawrence Kohlberg that outlines the stages of moral development individuals go through, from basic obedience to universal principles of justice.