COGNITION
THINKING AND LANGUAGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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People underestimate the accuracy of their judgments.
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People pay closest attention to information that disconfirms what they believe.
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It is difficult for most people to explain away their failures.
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People are overconfident about the accuracy of their judgments.
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Detailed explanation-1: -Reasons for Overconfidence 1. People are often unaware that their knowledge is based on very tenuous and uncertain assumptions and on information from unreliable or inappropriate sources.
Detailed explanation-2: -The overconfidence phenomenon refers to the tendency to. underestimate the extent to which our beliefs and judgements are invalid.
Detailed explanation-3: -As seen, overconfident respondents have a significantly higher level of depression, but have lower levels of happiness and life satisfaction compared to underconfident ones.
Detailed explanation-4: -However, evolutionary biologists have proposed that overconfidence may also confer adaptive advantages: increasing ambition, resolve, persistence, bluffing opponents, and winning net payoffs from risky opportunities despite occasional failures.