Table 3 Articles studying the illusion of control and the belief in the law of small numbers bias in entrepreneurship

From: Two decades of cognitive bias research in entrepreneurship: What do we know and where do we go from here?

References Research question Method and sample Determinants Consequences Cognitive biases
Busenitz (1999) Do entrepreneurs use biases in their decision making more extensively than managers? Questionnaire, scenario method 124 entrepreneurs and 95 managers in the United States   Venture formation Belief in the law of small numbers
Busenitz and Barney (1997) What are the differences between entrepreneurs and managers with respect to overconfidence and representativeness? Questionnaire, scenario method 124 entrepreneurs and 95 managers in the United States   Decision-making Belief in the law of small numbers
Carolis et al. (2009) How do social capital and cognition affect new venture creation? Questionnaire 269 entrepreneurs in the United States Environment Venture formation Illusion of control
Carolis and Saparito (2006) How do environmental factors influence cognitive biases in entrepreneurs? Conceptual model Environment Venture formation Illusion of control Belief in the law of small numbers
Carr and Blettner (2010) What are the effects of illusion of control on the quality of decisions that entrepreneurs make? Questionnaire 163 small firm founders in the United States   Decision-making Illusion of control
Kaish and Gilad (1991) What are the differences between entrepreneurs and executives in their search of opportunities? Questionnaire 51 firm founders and 36 large firm executives in the United States Personal factors   Belief in the law of small numbers
Kannadhasan et al. (2014) What is the relationship among cognitive biases, risk perception and the decision to start a venture? Questionnaire, scenario method 136 post graduate students in India   Venture formation Illusion of control
Keh et al. (2002) How do cognitive biases affect risk perception and opportunity evaluation? Questionnaire, scenario method 77 SME owners in Singapore   Venture formation Illusion of control Belief in the law of small numbers
Simon et al. (2000) Do cognitive biases influence risk perception? Questionnaire, scenario method 191 MBA students in the United States   Venture formation Illusion of control Belief in the law of small numbers
Simon and Houghton (2002) What is the relationship among information context, information search process, cognitive biases, misperception and the decision to pioneer? Conceptual model Organization Venture formation Illusion of control Belief in the law of small numbers
Wickham (2003) How does representativeness influence the decision quality of an entrepreneur? Experiment 152 undergraduate students in the United States   Venture formation Belief in the law of small numbers
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