COGNITION
THINKING AND LANGUAGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Accurately estimate the accuracy of their knowledge and judgments
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Underestimate the accuracy of their knowledge and judgments
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Overestimate the accuracy of their knowledge and judgments
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Lack confidence in their decision-making strategies
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Detailed explanation-1: -The overconfidence effect is a well-established bias in which a person’s subjective confidence in his or her judgments is reliably greater than the objective accuracy of those judgments, especially when confidence is relatively high. Overconfidence is one example of a miscalibration of subjective probabilities.
Detailed explanation-2: -Overconfidence Phenomenon-The tendency to be more confident than correct-to overestimate the accuracy of one’s beliefs.
Detailed explanation-3: -Overconfidence bias is a common inclination of people to overestimate their own abilities to successfully perform a particular task (Brenner et al., 1996).
Detailed explanation-4: -Published on December 7, 2022 by Kassiani Nikolopoulou. Revised on January 9, 2023. The availability heuristic occurs when we judge the likelihood of an event based on how easily we can recall similar events. If we can vividly remember instances of that event, we deem it to be more common than it actually is.