How does optimism bias shape your expectations as a sports fan?
As a sports fan, your expectations for your favorite team's performance are often sky-high at the start of the season. You wear their colors with pride and talk up their chances to anyone who'll listen. This unbridled hope isn't just passion; it's also a psychological phenomenon known as optimism bias. This is the belief that positive outcomes are more likely than negative ones, particularly when it comes to situations close to our hearts, like the fate of our beloved sports teams. In business management, understanding this bias is crucial, as it can affect decision-making and risk assessment.