The psychological effect that describes the fact that we generally overestimate the intensity of future positive or negative events is Impact Bias.
Impact Bias is the tendency of people to overestimate the intensity and length of future experiences.
When gauging their emotional responses, impact bias makes people overestimate what their reactions could be. It is a form of cognitive bias.
Research has shown that people in competitive environments like schools, elections, and sports are predisposed to have this bias.
Learn more about Impact bias here:
https://brainly.com/question/9420758
