If you look, for a moment, at the psychological research underlying all this, there are actually two ways in which your understanding of a past situation gets influenced: • The hindsight bias. Finding out about an outcome increases the estimate we make about its likelihood. In other words, as a retrospective reviewer who knows the outcome of an event, you exaggerate your own ability to predict and prevent the outcome—while not even being aware of that bias.2 • The outcome bias. Once you know the outcome, it changes your evaluation of decisions that led up to it. If the outcome is
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