Asked by
Evans Chidi
on Oct 08, 2024Verified
In anonymous surveys,on average people rate themselves as "above average" with regard to characteristics such as intelligence,perceptiveness,and driving ability.According to behavioral economics,this contradictory result would most likely be caused by the:
A) overconfidence effect.
B) self-serving bias.
C) confirmation bias.
D) hindsight bias.
Overconfidence Effect
A cognitive bias where an individual's subjective confidence in their judgments is higher than their objective accuracy.
Self-Serving Bias
A cognitive bias where individuals attribute positive outcomes to their own actions and negative outcomes to external factors.
Anonymous Surveys
Surveys designed to collect data without revealing the identities of the respondents, enhancing the honesty and accuracy of responses.
- Examine how economic choices are influenced by cognitive distortions like overconfidence, hindsight bias, and confirmation bias.
Verified Answer
YJ
Learning Objectives
- Examine how economic choices are influenced by cognitive distortions like overconfidence, hindsight bias, and confirmation bias.