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Optimism bias: Difference between revisions
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* We anticipate greater financial profits<ref>'''Predictive properties of analysts' forecasts of corporate earnings'''. T.G. Calderon. Mid-Atlantic J. Bus., 29 (1993), pp. 41-58. Accessed on 22 August 2022 via: https://www.proquest.com/openview/0505cfde23acf3e4d1bd39326484e684/1?pq-origsite=gscholar&cbl=24292</ref>, relationship outcomes<ref>'''When every relationship is above average''': perceptions and expectations of divorce at the time of marriage. L.A. Baker, R.E. Emery. Law Hum. Behav., 17 (1993), pp. 439-450. '''<u>[[When every relationship is above average: perceptions and expectations of divorce at the time of marriage|Read an AI summary.]]</u>'''</ref>, longevity<ref>'''Optimism and economic choice'''. M. Puri, D.T. Robinson J. Financ. Econ., 86 (2007), pp. 71-99. Accessed on 22 August 2022 via https://www.sciencedirect.com/science/article/abs/pii/S0304405X07001122</ref>, or professional success<ref>'''Delusions of success'''. How optimism undermines executives' decisions. D. Lovallo, D. Kahneman. Harv. Bus. Rev., 81 (2003), pp. 56. Accessed 22 August 2022 via https://www.academia.edu/download/30346920/Delusions_of_success_-_how_optimism_undermines_executives_decisions.pdf</ref>. | * We anticipate greater financial profits<ref>'''Predictive properties of analysts' forecasts of corporate earnings'''. T.G. Calderon. Mid-Atlantic J. Bus., 29 (1993), pp. 41-58. Accessed on 22 August 2022 via: https://www.proquest.com/openview/0505cfde23acf3e4d1bd39326484e684/1?pq-origsite=gscholar&cbl=24292</ref>, relationship outcomes<ref>'''When every relationship is above average''': perceptions and expectations of divorce at the time of marriage. L.A. Baker, R.E. Emery. Law Hum. Behav., 17 (1993), pp. 439-450. '''<u>[[When every relationship is above average: perceptions and expectations of divorce at the time of marriage|Read an AI summary.]]</u>'''</ref>, longevity<ref>'''Optimism and economic choice'''. M. Puri, D.T. Robinson J. Financ. Econ., 86 (2007), pp. 71-99. Accessed on 22 August 2022 via https://www.sciencedirect.com/science/article/abs/pii/S0304405X07001122</ref>, or professional success<ref>'''Delusions of success'''. How optimism undermines executives' decisions. D. Lovallo, D. Kahneman. Harv. Bus. Rev., 81 (2003), pp. 56. Accessed 22 August 2022 via https://www.academia.edu/download/30346920/Delusions_of_success_-_how_optimism_undermines_executives_decisions.pdf</ref>. | ||
* We anticipate encountering more positive events in an upcoming month (such as receiving a gift or enjoying a movie) than we end up experiencing (see '''Figure 1''')<ref name=":0" />. | * We anticipate encountering more positive events in an upcoming month (such as receiving a gift or enjoying a movie) than we end up experiencing (see '''Figure 1''')<ref name=":0" />. | ||
* [[Sunk Cost Fallacy|Sunk cost fallacy]] is a prolonged extension of the optimism bias<ref>'''The Effect of Optimism Bias on the Decision to Terminate Failing Projects'''. Werner G. Meyer, SKEMA Business School, France. Project Management Journal, Vol. 45, No. 4, 7–20.</ref>. | |||
These effects have been seen across age, culture, and species and has a significant societal impact on domains ranging from financial markets to physical and mental health<ref>'''How Dopamine Enhances an Optimism Bias in Humans'''. Current Biology, Volume 22, Issue 16, 21 August 2012, Pages 1477-1481. Accessed on 22nd August 2022 via: <nowiki>https://www.sciencedirect.com/science/article/pii/S0960982212006458#bib4</nowiki></ref>. More recent evidence, suggests that most people have ingrained optimism biases and that too much optimism is detrimental to mental health<ref name=":0">'''Hope, optimism and delusion'''. Psychiatr Bull (2014). Rebecca McGuire-Snieckus1 2014 Apr; 38(2): 49–51. doi: 10.1192/pb.bp.113.044438. Accessed on 22nd August 2022, via https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4115405/</ref>. | These effects have been seen across age, culture, and species and has a significant societal impact on domains ranging from financial markets to physical and mental health<ref>'''How Dopamine Enhances an Optimism Bias in Humans'''. Current Biology, Volume 22, Issue 16, 21 August 2012, Pages 1477-1481. Accessed on 22nd August 2022 via: <nowiki>https://www.sciencedirect.com/science/article/pii/S0960982212006458#bib4</nowiki></ref>. More recent evidence, suggests that most people have ingrained optimism biases and that too much optimism is detrimental to mental health<ref name=":0">'''Hope, optimism and delusion'''. Psychiatr Bull (2014). Rebecca McGuire-Snieckus1 2014 Apr; 38(2): 49–51. doi: 10.1192/pb.bp.113.044438. Accessed on 22nd August 2022, via https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4115405/</ref>. | ||