Prior work in business experimentation concludes that involving other stakeholders besides the entrepreneur mitigates the challenge of biased experimental decision-making. However, this work also maintains a key simplifying assumption—that the actors involved have a common goal to maximize...

Investigates the differences in decision-making processes used by managers in large organizations and entrepreneurs. These differences are examined with respect to two biases and heuristics: overconfidence and representativeness. Overconfidence is defined as overestimating the probability of...