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It's present when we tend to overestimate the length or intensity of happiness that major events will create. The Impact Bias is one example of affective forecasting, which is a social psychology phenomenon that refers to our generally terrible ability as humans to predict our future emotional states.
Any memory before the age of three is likely to be false or having some fictional details, while memories that are fluid, coherent and detailed, like watching a documentary, can also be made up.
But whether they are true or false, memories have the ability to bring us happiness and shared experiences with our loved ones.