Prospective memory: an alternate explanation for choice of residency

Hindsight bias leads you to believe that the event you just experienced was predictable, even though it really wasn’t. In other words, you knew all along that things would turn out the way they did. Can you relate this to the phrase "Hindsight is 20/20" now? 

A heuristic is a general problem-solving framework (Tversky & Kahneman, 1974). You can think of these as mental shortcuts that are used to solve problems. Different types of heuristics are used in different types of situations, and the impulse to use a heuristic occurs when one of five conditions is met (Pratkanis, 1989):

Implicit memories, also known as non-declarative memories, are long-term memories that function outside of conscious awareness. These memories influence behavior and skills without explicit knowledge. This type of memory is evident in tasks like playing tennis, snowboarding, and texting. Implicit memory has three subsystems: procedural memory, conditioning, and priming. This type of memory is essential in various activities, from everyday tasks to specialized skills.
One key aspect of implicit...

Autobiographical memory is a unique type of episodic memory that involves recollecting personal life experiences. It allows individuals to remember significant events from their past, creating a narrative of their lives. One interesting phenomenon related to autobiographical memory is the reminiscence bump. This effect refers to the tendency of adults to recall more events from their second and third decades of life — typically between ages 10 to 30 — than from other periods. This...

A schema is a mental framework that helps individuals organize and interpret information. Schemata, formed from previous experiences, influence how we process new information: how we encode it, the inferences we make, and how we retrieve it. For instance, a schema for what a typical classroom looks like might include desks, a teacher's desk, a whiteboard, and students in such an environment. This expectation helps us quickly understand and navigate new classrooms without needing to analyze...

In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the...