Self-attribution bias refers to individuals’ tendency to attribute their successes to their inherent characteristics, such as talent or insight, while often attributing their failures to external factors such as bad luck. For example, students who successfully pass an exam may admire their intelligence or perseverance, but when they do not score well on the exam, they often complain about unfair scoring. Or athletes who win a race often argue that they have shown superior sports skills, but when they lose, they claim to have been the victim of refereeing injustice.
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Technical description of self-documentation
Self-attribution is a psychological phenomenon that causes people to attribute their failures to environmental factors and their successes to their inherent factors. Document self-bias can be divided into two tendencies or sub-biases:
- Self-promotional bias: Indicates that people tend to irrationally praise their success.
- Self-supporting bias: represents the consequence of an action and means irrational denial and non-acceptance of responsibility for the consequences of failure.
Self-promotional bias can be explained cognitively. Research has shown that if people want to win, the consequences of that decision are success in achieving what they originally intended. So it is natural for people to value their successes more than their failures, because their intention was to win, not to fail. Self-support bias can be explained emotionally. Some argue that the need to maintain self-esteem (self-esteem) directly affects the attribution of the consequences of action, because people support themselves psychologically when trying to understand failures. Because emotional and cognitive explanations are interrelated, it is difficult to discern which species was effective in a particular situation.
Suggestions for overcoming self-evident bias
Recall the old Wall Street proverb that perhaps the best warning against the dangers of bias is the document: “Do not confuse your mind with the sight of a thriving market.” It has been seen many times that when investors make financial decisions, they are proud of their ingenuity, but when the decisions are not very profitable, they comfort themselves by blaming someone or something. Give.
In many situations, no argument is entirely correct. The consequences of investing are usually due to several factors, for example, the devaluation of stocks in a growing and hot market can be equally random and complex. Sometimes the error is due to factors beyond the investor’s control, such as fraud or mismanagement.
One of the best things investors can do is look at successful and unsuccessful investments as objectively and impartially as possible. But most people do not spend enough time analyzing the many complex factors that make them profitable, or allocating enough time to deal with potential mistakes that exacerbate a loss. Do not give. Post-event analysis is one of the best learning tools in investing.
Being aware of these rules will help you overcome any bad habits you have, as well as strengthen your reliance on strategies that have worked well for you.
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