Overconfidence is a pervasive bias that affects decision-making. Thaler explored how people’s exaggerated belief in their abilities can lead to poor financial decisions, business failures, and more, emphasizing the need for humility and awareness.
“Overconfidence is the mother of all biases, leading to miscalculations and poor decisions.”
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Richard Thaler’s *Misbehaving* reveals how human quirks and irrational behaviors challenge traditional economics, paving the way for behavioral economics.
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