Research on overconfidence indicates that
A) it is unrelated to the confirmation bias.
B) people are overconfident because they cannot remember other possible alternatives after a decision has been made.
C) people are overconfident because they rely on accurate heuristics in making decisions.
D) people are overconfident because they usually know about all relevant information associated with a decision.
E) All of the above

Question

Quizplus · Accepted Answer

Overconfidence often stems from a cognitive bias where individuals forget or overlook other possible alternatives after making a decision, leading them to be more confident in their choice than is warranted by the facts or probabilities. This is related to the availability heuristic, where people judge the probability of events based on how easily examples come to mind, which can be influenced by recent decisions or information, leading to overconfidence in those decisions.

Research on Overconfidence Indicates That