control. Biased self-attribution is that phenomenon in which people attribute success to skill and failure to bad luck. Kahneman and Riepe (1998) noted, “The combination of overconfidence and optimism is a potent brew, which causes people to overestimate their knowledge, underestimate risks, and exaggerate their ability to control events.” Emotions and self-control: Hirshleifer (2001) posited that emotion could overpower reason. For example, people who are in good moods are
