Question

You fall prey to the overconfidence bias when you ______ your knowledge or expertise in a decision situation.

Answer 1

Answer:overestimate

Explanation:

The overconfidence effect occurs when our subjective confidence in our capability is beyond our objective performance. This means we overestimate our ability to do something in a way that we don't even consider other aspects that may bring setbacks in our performance.

This can also be seen in planning fallacy , when a person overstimate the time it will take them to complete a particular task.

Remember that time when you were told about the class test that would take place in 2 weeks but instead of studying early you decided to study two days before a class test because you believed you can do all the work in that short time.

This is the Overconfidence in your own ability.