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If human confidence had perfect calibration, judgments with 100% confidence would be correct 100% of the time, 90% confidence correct 90% of the time, and so on for the other levels of confidence. By contrast, the key finding is that confidence exceeds accuracy so long as the subject is answering hard questions about an unfamiliar topic.
In games of chance, these two conditions frequently go together. As well as an intention to win, there is an action, such as throwing a die or pulling a lever on a slot machine, which is immediately followed by an outcome. Even though the outcome is selected randomly, the control heuristic would result in the player feeling a degree of control ...
After a series of easy victories against their opponents, the overconfident Japanese failed to take elementary precautions. Italy's entry in WW2 (1940) followed a series of victories in Libya (1922-1932), Ethiopia (1935-1936), Spain (1936-1939), and Albania (1939), which gave the Fascist regime the illusion of being able to win a global war ...
Over the past few years, misinformation and distrust in the media have become hot-button issues for Americans. As many as 3 in 4 Americans overestimate how well they can spot misinformation ...
Illusory superiority has also explained phenomena such as the large amount of stock market trading (as each trader thinks they are the best, and most likely to succeed), [21] and the number of lawsuits that go to trial (because, due to illusory superiority, many lawyers have an inflated belief that they will win a case).
Michael Jordan needed seven seasons to win his first title. LeBron James needed nine seasons and two futile trips to the NBA Finals before he became a champion. Shaquille O’Neal got swept in his ...
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.
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