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Research in management decision-making has documented various cognitive biases, including overconfidence (Ben-David et al. 2013; Malmendier and Tate 2005, 2008; Moore et al. 2007), hindsight bias (Bukszar and Connolly 1988), the framing effect (Hodgkinson et al. 1999), the anchoring effect (Joyce and Biddle 1981), and blind spot bias (Zajac and Bazerman 1991).

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