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Hindsight bias can be best summarized by the feeling you have after you learn an outcome of some event and thoughts such as "I knew that" or "I should have known that" start popping up in your consciousness. People are forced to make decisions daily and individuals can base their decision making on a wide variety of different experiences, emotions, heuristics, or even how the decision is framed. However the individual comes to make a decision, the hindsight bias occurs after the decision has already been made. After the outcome is known, the hindsight bias is the feeling that you get that tells you that you should have known the outcome. This phenomenon has breed phrases in popular culture such as "hindsight is 20/20" and similar sayings. Once the outcome is known then the tendency is for the individual to feel like they should have known the outcome all along when in fact the outcome is generally unknowable before the outcome manifests.
One example of this bias that I personally experience frequently occurs nearly every time I take a test. When I am taking a test in school, I answer all of the questions to the best of my ability. I used different decision making processes based on the question being asked such as making a recall from memory, using process of elimination, deductive reasoning, or even guessing in some cases. Despite the method I use for constructing an answer to a question, it represents my best effort at the time of taking the test. However, once I receive the graded test back, the answers that I answered incorrectly nearly always conjure up some immediate feelings. The feeling is something to the effect of "ah-ha" or "I knew that." Even though I really didn't know at the time of taking the test, once I got the graded test back I usually feel as if I should have. This is a common example of hindsight bias.
Social Psych Situation: My male roommate was late to work and in a hurry. When he went to start his car he realized the battery was dead. He said, "I knew this would happen! Why do the car gods always do this to me? I'm supposed to know about these car things, all the other guys do!" This situation clearly illustrates three principles of social psychology: hindsight bias, external locus of control,
Social Psychology Concept Matrix Social Psychology Concept Application to Society Provide Example Criminal Justice Provide Example Application to the Individual Provide Example The researcher selects a certain number of people from the population that he/she wants to study and presents them with a list of questions on the topic asking them to respond in order to elicit their opinion. The survey can be conducted in writing, over the phone, as face-to-face interview, or in a small-group oral format The survey
Behavioral Finance and Human Interaction a Study of the Decision-Making Processes Impacting Financial Markets Understanding the Stock Market Contrasting Financial Theories Flaws of the Efficient Market Hypothesis Financial Bubbles and Chaos The stock market's dominant theory, the efficient market hypothesis (EMH) has been greatly criticized recently for its failure to account for human errors, heuristic bias, use of misinformation, psychological tendencies, in determining future expected performance and obtainable profits. Existing evidence indicates that past confidence in the
Prejudice and policing have now become a very contentious issue within the developed world. Many individuals, particularly in minority populations, believe that prejudice is embedded within the policing environment. Stereotypes and racial profiling are perceived to be rampant. Examples exist of individuals unarmed being shot to death be police officers. Police officers themselves are now much more fearful of doing their duty in society as they fear retaliation. This creates
Defense of Abortion The author of this piece, Judith Jarvis Thompson, supports abortion, she uses descriptive assumptions creatively, and she makes dramatic -- even outrageous -- examples as juxtapositions to develop her argument and make her points. She also employs value assumptions that are effective in her narrative. But Thompson's theses and her Socratic style of argument carry the most weight as she turns of the positions of the "pro-life"
S.S.R., which would ostensibly eliminate the threat posed by the U.S.S.R.'s capabilities. The report takes on a tone almost encouraging that to happen. It was very much the public mood of the time that would have supported that initiative. That the world came so close to the use of nuclear confrontation during the Cuban Missile Crisis is indicative of this, and it was only the ability of JFK to resist