experiences present bias

For instance, knowing that he most probably experiences present bias creates a mental set that would lead to more saving for retirement and less indulgence in immediate pleasures. You then can take steps to prevent acting impulsively-for example by automatically investing in your retirement accounts. In parallel, identifying overconfidence biases could prompt you to seek expert advice when you make investment decisions that are typically complex, not as a ploy to "beat the market" for yourself.