“BATS ARE BLIND?” COGNITIVE BIASES IN RISK PERCEPTION OF ENTREPRENEURS

Emre Şahin Dölarslan, Akin Koçak () and Alper Özer
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Emre Şahin Dölarslan: Cankiri Karatekin University, Çankırı, Turkey
Akin Koçak: Ankara University, Ankara, Turkey
Alper Özer: Ankara University, Ankara, Turkey

Journal of Developmental Entrepreneurship (JDE), 2017, vol. 22, issue 03, 1-13

Abstract: In general, it could be said that bats are blind but they have high quality senses of smelling and hearing to survive. Similarly, entrepreneurs can look at the business world with different eyes to survive. This affects their cognitive biases in risk perception. The aim of this study was to analyze how entrepreneurs’ cognitive biases affect their opportunity exploitation and risk perception. In this study, we evaluated self-efficacy, locus of control, overconfidence and optimism as dimensions of cognition. Independently of our purpose, results also show entrepreneurs have social capital, such as experience and prior knowledge, which forms their cognitive biases and leads them to perceive less risk when evaluating a new venture idea.

Keywords: Cognitive bias; risk perception; social capital; experience; prior knowledge (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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DOI: 10.1142/S1084946717500212

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