In any game of sports if a player makes a couple of shots the announcers will decide that the player is on fire and he will take the ‘next shot’ too. Probably making a shot increases a people’s confidence in the player and player’s confidence. According to a research by Tom Gilovich, Robert Vallone and Amos Tversky found that the probability that a player would make a second shot was independent of whether they made the first one suggesting the ‘Hot Hand’ phenomenon. So while evaluating the risks taken for if a game won once does not mean fortune will favor to win again.
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New Year holiday after a month may seem like a distant event but after two years you will feel how fast time passed. Time feels shorter than it is in reality. We have uncertainties about memories and these uncertainties increases with more distant memories. A 70 years old perception about his 5 years and 50 years old events is approximately the same. People perceive recent events as being more remote than they are known as backward telescoping and distant events as being more recent than they are known as forward telescoping.
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Are you facing difficulty in meeting deadlines or keeping promises? Because you have underestimated the time required for finishing a deal and is looking at the future with excessive positivity. The planning fallacy proposed by Daniel Kahneman and Amos Tversky in 1979 is a phenomenon in which predictions about how much time will be needed to complete a future task display an optimism bias and underestimate the time needed.
This phenomenon occurs regardless of the individual’s knowledge that past task of a similar nature had taken longer to complete than generally planned. Its effects only one's own predictions but when outside observers predict task completion time they show pessimistic bias overestimating the time needed.
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There are people who are successful by external standards but they feel their success has been due to some fluke or luck and not their abilities and competence. They are also certain that unless they go to enormous efforts to do so success cannot be repeated and they will be a failure. This is Imposter phenomenon. Instead of rejoicing their achievements and moving on these people feel anxiety and get stuck. According to an observation there were students with excellent academic scores and recommendations felt like imposter with all bright students around and needed counselling.
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