Question

People are overconfident in what they could have predicted had they made a judgment before knowing an actual outcome. That is, they overestimate the accuracy with which they would have predicted an event had they been asked to do so. This is called the:

Answer 1

Hindsight Bias

Step-by-step explanation:

The predisposition of the people to consider the events that have occurred as being more predictable than they actually were prior to the event actually happened. Due to this people often believe after the occurrence of an event that they could have predicted the outcome with high degree of certainty. This bias can cause distortions of memories about what we believed before the event happened. It can lead to overconfidence about the results of the future events. It is visible in judicial systems and and writings of historians.