What is overconfidence bias?


Overconfidence bias is the tendency of people to overestimate their abilities, knowledge, and available resources. It often results in people having an exalted sense of their own capability, leading to unrealistic expectations. People may take on challenges which they may not be prepared to handle and make decisions without considering available evidence or advice. Overconfidence bias can lead to costly mistakes because people take on more risk than they should.

Answered by Jeff Stone

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