What is hindsight heuristic

Hindsight bias is a term used in psychology to explain the tendency of people to overestimate their ability to have predicted an outcome that could not possibly have been predicted.So, here's a formal definition for heuristic:Decision making a hindsight bias causes individuals to overestimate the quality of decisions that had positive outcomes and underestimate the quality of decisions that had negative outcomes.Before an event takes place, while you might be able to offer a guess as to the outcome, there is really no way to actually know what's going to happen.Hindsight bias is a psychological phenomenon that allows people to convince themselves after an event that they accurately predicted it before it happened.

When they could have only known the outcome of the event in hindsight.This is most produced when the event could not possibly have been predicted.However, their belief of that outcome was significantly lower before the event.Hindsight bias is caused by three variables, or inputs.These were the availability heuristic and the representativeness heuristic.

It possesses relevance for theories about memory storage and retrieval of information but has several practical implications as well.The hindsight bias is our tendency to look back at an unpredictable event and think it was easily predictable.Hindsight bias often results in the judgment that the event was an accident or tragedy waiting to happen. * * *