ECONOMICS

Detailed explanation-1: -Overconfidence bias-they think they know more than they do or hold unrealistically positive views of themselves and their performance. Immediate gratification bias-describes decision makers who tend to want immediate rewards and to avoid immediate costs.

Detailed explanation-2: -As individuals, we overestimate our own skills and chances of success. This leads to overly positive self-evaluations of our intellect or talent (particularly with difficult tasks). As these self-evaluations are often unrealistic, this results in the overconfidence effect.

Detailed explanation-3: -A bias is a systematic error in decision-making and thinking. It occurs when people process and interpret information in the world around them. It affects the decisions and judgments that they make. People sometimes confuse cognitive biases with logical fallacies.

Detailed explanation-4: -Framing bias is another concern for decision makers. Framing bias refers to the tendency of decision makers to be influenced by the way that a situation or problem is presented.

Detailed explanation-5: -Being confident is one thing and being overconfident quite another. Researchers have found that those who think intelligence is fixed and unchangeable tend to be more overconfident.