The term “hot hand” refers to a phenomenon observed in various fields such as sports, gambling, and even everyday decision-making where individuals believe that a person who has experienced a successful outcome in a series of attempts is likely to continue experiencing success.

Hindsight bias, often referred to as the “I-knew-it-all-along” effect, is a psychological phenomenon that influences how individuals perceive past events, suggesting that outcomes were more predictable than they actually were.