ENTREPRENEURS OFTEN OVERESTIMATE THE LIKELIHOOD OF SUCCESS WHEN PLANNING THEIR OWN ACTIVITIES, WHICH USUALLY RESULTS IN EXCESS MARKET ENTRY. SINCE ENTREPRENEURS CONSIDER THEIR PROJECT AS UNIQUE, THE FORECASTS OF THE FUTURE OUTCOME ARE OFTEN ANCHORED ON THE CASE AT HAND RATHER THAN ON PAST RESULTS OF COMPARABLE PROJECTS – A PHENOMENON KNOWN AS THE PLANNING FALLACY. WE INVESTIGATE WHETHER ENTREPRENEURS SUFFER FROM A PLANNING FALLACY BIAS WHEN PROVIDED WITH HISTORICAL OUTCOMES OF COMPARABLE PROJECTS AND ITS CONSEQUENCES
