Information processing theory on forecasting errors state that $\_\_\_\_\_.$

investors give more weight to recent experiences than prior beliefs and information, and therefore create forecasts that are biased.

an individual's existing personal beliefs are likely to dominate the forecasting process.

investors are too influenced by external factors and therefore, are prone to forecasting using irrelevant information.

the information presented to the forecaster has a lesser effect on the forecasting process depending upon the forecaster's perception of this information.

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