The relationship between hindsight bias and individual differences in
negative affect, or 'dysphoria', was investigated in a naturalistic st
udy. In a first session, 76 undergraduates predicted their grades prio
r to a midterm exam. In a second session, after having received feedba
ck from the exam, they attempted to recall their predictions and predi
cted their grades on a second exam. Dysphoria was associated with hind
sight bias whether initial predictions were overly optimistic or pessi
mistic. 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 motivat
ional or affective factors. The bias did not hinder the improvement of
predictions between the first and second exams, and therefore could n
ot have mediated a hypothesized adaptive learning impairment among dys
phoric subjects.