VIEWPOINT: Habitual overconfidence
One of the most common behavioural biases is the tendency to be overoptimistic. Like the children in Garrison Keillor’s Lake Wobegon who are all above average, we tend to overestimate our own skills and chances of success. This overestimation, in turn, leads to overly positive self-evaluations, which are often unrealistic – resulting in overconfidence. Confidence…