AbstractThe relationship between hindsight bias and individual differences in negative affect, or ‘dysphoria’, was investigated in a naturalistic study. In a first session, 76 undergraduates predicted their grades prior to a midterm exam. In a second session, after having received feedback from the exam, they attempted to recall their predictions and predicted their grades on a second exam. Dysphoria was associated with hindsight bias whether initial predictions were overly optimistic or pessimistic. In the former case, the standard hindsight bias was modal for the sample, whereas a ‘reverse hindsight’ bias was modal in the latter. This asymmetry suggests that hindsight bias is influenced by motivational or affective factors. The bias did not hinder the improvement of predictions between the first and second exams, and therefore could not have mediated a hypothesized adaptive learning impairment among dysphoric subjects.