AP PSYCHOLOGY

Detailed explanation-1: -The hindsight bias involves the tendency people have to assume that they knew the outcome of an event after the outcome has already been determined. For example, after attending a baseball game, you might insist that you knew that the winning team was going to win beforehand.

Detailed explanation-2: -Hindsight bias is our tendency to look back at an event that we could not predict at the time and think the outcome was easily predictable. It is also called the ‘knew-it-all-along’ effect.

Detailed explanation-3: -Which of the following is an example of hindsight bias? Alliyah, after reading a definition on one of her flashcards, turns the card over to see the term and then tells herself she knew what the answer was all along.

Detailed explanation-4: -What is Anchoring Bias? Anchoring bias occurs when people rely too much on pre-existing information or the first information they find when making decisions. For example, if you first see a T-shirt that costs $1, 200 – then see a second one that costs $100 – you’re prone to see the second shirt as cheap.