Entrepreneurship scholars are interested in understanding and describing how entrepreneurs make decisions under … than risk and are unlikely to have estimates of all probabilities for all potential outcomes, it becomes difficult to … for entrepreneurial decision-making. We examine a range of decision theories, ranking them in an order starting from EUT …

context in which they operate. By analyzing the strengths and weaknesses of heuristics and biases within the context of risk … entrepreneurial activities. Researchers have identified several biases and heuristics employed by entrepreneurs, which significantly … influence their decision-making processes and actions, but the empirical evidence remains fragmented. To develop a more …