Memory Load of Information Encoded Amplifies the Magnitude of Hindsight Bias

Our recollections tend to become more similar to the correct information when we recollect an initial response using the correct information, known as the hindsight bias. This study investigated the effect of memory load of information encoded on the hindsight bias's magnitude. We assigned participants (N = 63) to either LOW or HIGH conditions, in which they answered 20 or 50 questions, which were their initial responses. Then, they memorized and remembered the correct information. They finally recollected the initial responses. Twenty of the fifty questions in the HIGH condition were identical to those in the LOW condition. We used the answers to these 20 common questions in LOW and HIGH conditions to examine the effect of the memory load of information encoded, defined as the number of correct answers to remember (i.e., 20 or 50) on the hindsight bias. Results indicated that the magnitude of the hindsight bias was more prominent in the HIGH than the LOW condition, suggesting that the memory load amplifies the hindsight bias's magnitude. This finding also implies that controlling the memory load of information encoded when learning correct information could mitigate the hindsight bias. We expect these findings to have practical implications in occupational settings where hindsight bias could lead to critical errors such as financial losses or medical problems.