Overview
Fischhoff (1975) showed that people told an outcome judged it far more likely. Roese and Vohs (2012) describe three levels: memory distortion, inevitability and foreseeability. It distorts lessons in investing, medicine and law. Record predictions and consider alternative outcomes. See survivorship bias.
Frequently asked questions
- Why is outcome-based judgement unfair?
- Good decisions can have bad luck.
References
- Fischhoff, B. (1975). Hindsight ≠ foresight: The effect of outcome knowledge on judgment under uncertainty. Journal of Experimental Psychology: Human Perception and Performance, 1(3), 288–299.
- Roese, N. J., & Vohs, K. D. (2012). Hindsight bias. Perspectives on Psychological Science, 7(5), 411–426.
