Abstract: The hindsight bias is operationally defined as the systematical difference between hindsight judgments, that is, judgments made with benefit of feedback about the outcome of an event, and foresight judgments, that is, judgments made without knowledge of the outcome. Hindsight distortion is a pervasive bias that has occurred in a variety of political, managerial, legal, sports, and health care settings. Hindsight bias is investigated by two kinds of designs, that is, hypothetical design and memory design. Research on hindsight bias has many theoretical and practical implications. This present paper reviews research on hindsight bias.

Key words: hindsight bias, hypothetical design, memory design, know-it-all-along effect