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<p>Research on cognitive biases and decision-making has a long history in entrepreneurship research. Despite several literature reviews on entrepreneurial cognition, entrepreneurial biases or entrepreneurial decision-making, this semi-structured literature review is the first one that is particularly concerned with the role of uncertainty. Given that uncertainty is acknowledged as a cornerstone of entrepreneurship and introduced as a driver of entrepreneurs’ cognitive biases this is surprising. It hence remains opaque how entrepreneurship research has thus far gone about the uncertainty‒cognitive bias nexus. Based on a semi-structured literature review of 63 peer-reviewed articles this paper contributes to the resolution of the prevailing issues of inconsistency and to the advancement of the research field. Specifically, the literature review presents nine propositions that build the foundation of an integrative, conclusive framework of the uncertainty-cognitive bias nexus in entrepreneurial decision-making that acknowledges both, the multidimensionality of uncertainty and the central role of the entrepreneurial decision-maker herself with her individual idiosyncrasies in this relationship. To conclude, this article uncovers research gaps and ends with the presentation of future research opportunities.</p>

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Entrepreneurial decision-makers and their cognitive biases in view of uncertainty—a literature review and conceptual framework

  • 期刊论文

  • 发表日期：

    2026年5月29日

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  • Theresa Constanze Schropp

摘要

Research on cognitive biases and decision-making has a long history in entrepreneurship research. Despite several literature reviews on entrepreneurial cognition, entrepreneurial biases or entrepreneurial decision-making, this semi-structured literature review is the first one that is particularly concerned with the role of uncertainty. Given that uncertainty is acknowledged as a cornerstone of entrepreneurship and introduced as a driver of entrepreneurs’ cognitive biases this is surprising. It hence remains opaque how entrepreneurship research has thus far gone about the uncertainty‒cognitive bias nexus. Based on a semi-structured literature review of 63 peer-reviewed articles this paper contributes to the resolution of the prevailing issues of inconsistency and to the advancement of the research field. Specifically, the literature review presents nine propositions that build the foundation of an integrative, conclusive framework of the uncertainty-cognitive bias nexus in entrepreneurial decision-making that acknowledges both, the multidimensionality of uncertainty and the central role of the entrepreneurial decision-maker herself with her individual idiosyncrasies in this relationship. To conclude, this article uncovers research gaps and ends with the presentation of future research opportunities.