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One manifestation of the overconfidence effect is the tendency to overestimate one's standing on a dimension of judgment or performance. This subsection of overconfidence focuses on the certainty one feels in their own ability, performance, level of control, or chance of success.
Hindsight bias influences the decisions of investors in the investment sector. Investors tend to be overconfident in predicting the future because we mistakenly believe that we have predicted the present in the past, so we assume that the future will follow our predictions. Overconfidence is the killer for investment returns.
Alicke and Govorun proposed the idea that, rather than individuals consciously reviewing and thinking about their own abilities, behaviors and characteristics and comparing them to those of others, it is likely that people instead have what they describe as an "automatic tendency to assimilate positively-evaluated social objects toward ideal trait conceptions". [6]
One of the earliest measures of self-confidence used a 12-point scale, ranging from a minimum score characterizing someone who is "timid and self-distrustful, shy, never makes decisions, self-effacing" to a maximum score characterizing someone who is "able to make decisions, absolutely confident and sure of his own decisions and opinions". [13]
Time-saving bias is a concept that describes people's tendency to misestimate the time that could be saved (or lost) when increasing (or decreasing) speed. [1] [2]In general, people underestimate the time that could be saved when increasing from a relatively low speed—e.g., 25 mph (40 km/h) or 40 mph (64 km/h)—and overestimate the time that could be saved when increasing from a relatively ...
Mansplaining (a blend word of man and the informal form splaining of the gerund explaining) is a pejorative term meaning "(for a man) to comment on or explain something, to a woman, in a condescending, overconfident, and often inaccurate or oversimplified manner". [3] [4] [5] [6]
Illustration for John Milton's Paradise Lost by Gustave Doré (1866). The spiritual descent of Lucifer into Satan, one of the most famous examples of hubris.. Hubris (/ ˈ h juː b r ɪ s /; from Ancient Greek ὕβρις (húbris) 'pride, insolence, outrage'), or less frequently hybris (/ ˈ h aɪ b r ɪ s /), [1] describes a personality quality of extreme or excessive pride [2] or dangerous ...
A man with a watch knows what time it is. A man with two watches is never sure. [1] At surface level, the adage emphasizes the consistency that arises when information comes from a single source and points out the potential pitfalls of having too much conflicting information.