The hindsight bias can distort our perceptions of past mistakes from "summary" of Why We Make Mistakes by Joseph T. Hallinan
When we look back on our mistakes, it's easy to believe that we should have known better. This is known as the hindsight bias, which distorts our perceptions of past events. We tend to overestimate what we knew at the time and underestimate the factors that were out of our control. This bias can make us feel like we should have made better decisions, even when the circumstances were unclear or unpredictable. For example, imagine you invest in a stock that ends up plummeting in value. Looking back, you might think you should have known it was a bad idea. But at the t...
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