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Refactor study_013 evaluator to use OLS regressions and fix D8 coding
Major changes from code review:
- Replace Pearson correlations with OLS regressions for F2-F5, matching
the paper's Table 4 analysis (simple OLS for F2, multiple OLS with
controls for F3-F5)
- Fix F5 finding: change from overconfidence→OE to small_numbers→OE
(β=1.17, t=1.91, p<.06) matching Model 2 in Table 4
- Move shared scoring logic (parse_question_responses, compute_construct_scores,
code_belief_in_small_numbers, iter_response_records) into study_utils.py
- Fix D8 open-ended coding: "no additional information needed" now correctly
codes as +1 (substantive belief in small numbers), not treated as missing
- Make D8 prompt optional with de-biased framing to avoid inflating
statistical-reasoning responses
- Tighten demographics to Table 2 only (sex, race, education, business_size)
- Fix compute_participant_scores → compute_construct_scores naming mismatch
- Update ground_truth.json with reported_coefficient and reported_t_value
fields for regression findings
Co-Authored-By: Claude Opus 4.6 <noreply@anthropic.com>
Copy file name to clipboardExpand all lines: studies/study_013/README.md
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## Description
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This study examines how cognitive biases affect entrepreneurs' opportunity evaluation under risky conditions. Using a survey of 77 founders of top SMEs in Singapore, the study measures four cognitive biases (overconfidence, illusion of control, belief in the law of small numbers, and planning fallacy) and tests how they influence risk perception and opportunity evaluation of a standardized business case vignette.
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This study examines how cognitive biases affect entrepreneurs' opportunity evaluation under risky conditions. Using a survey of 77 founders of top SMEs in Singapore, the study measures four cognitive biases (overconfidence, illusion of control, belief in the law of small numbers, and planning fallacy) and tests how they influence risk perception and opportunity evaluation of a standardized business case vignette. The benchmark implementation focuses on the paper's calibration test and its reported regression findings.
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## Participants
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| Finding | Hypothesis | Human Result |
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|---------|-----------|--------------|
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| F1 | Entrepreneurs are overconfident (mean items outside 90% CI > 1) | Mean = 5.17, SD = 2.64 |
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| F2 | Risk perception negatively associated with opportunity evaluation | r = -.58, p < .01|
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| F3 | Illusion of control negatively associated with risk perception | r = -.44, p < .01 |
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| F4 | Illusion of control positively associated with opportunity evaluation | r = .34, p < .01|
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| F5 |Overconfidence positively associated with opportunity evaluation | r = .30, p < .05|
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| F2 | Risk perception negatively predicts opportunity evaluation (H1) | beta = -0.50, t = -5.98, p < .001|
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| F3 | Illusion of control negatively predicts risk perception in Model 1 (H5) | beta = -0.76, t = -3.34, p < .01 |
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| F4 | Illusion of control positively predicts opportunity evaluation in Model 2 | beta = 0.40, t = 2.23, p < .05|
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| F5 |Belief in the law of small numbers positively predicts opportunity evaluation in Model 2 | beta = 1.17, t = 1.91, p < .06|
-**Section D:** Business case vignette + 4 risk perception items + 3 opportunity evaluation items + 1 open-ended item
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-**Section D:** Business case vignette + 4 risk perception items + 3 opportunity evaluation items + 1 optional open-ended item coded for belief in the law of small numbers
Copy file name to clipboardExpand all lines: studies/study_013/index.json
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"Boon Chong Lim"
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],
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"year": 2002,
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"description": "This study examines how cognitive biases affect entrepreneurs' opportunity evaluation under risky conditions. Using a survey of 77 founders of top SMEs in Singapore, the study measures overconfidence, illusion of control, belief in the law of small numbers, and planning fallacy, and tests how these biases influence risk perception and opportunity evaluation of a standardized business vignette. Results show that illusion of control reduces risk perception, which in turn increases opportunity evaluation (full mediation), while belief in the law of small numbers directly increases opportunity evaluation. Entrepreneurs are found to be significantly overconfident in their knowledge calibration.",
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"description": "This study examines how cognitive biases affect entrepreneurs' opportunity evaluation under risky conditions. Using a survey of 77 founders of top SMEs in Singapore, the study measures overconfidence, illusion of control, belief in the law of small numbers, and planning fallacy, then relates those constructs to risk perception and opportunity evaluation for a standardized business vignette. The benchmark reproduces the paper's calibration test and its reported regression findings: entrepreneurs are overconfident, risk perception negatively predicts opportunity evaluation, illusion of control lowers risk perception and increases opportunity evaluation before mediation, and belief in the law of small numbers increases opportunity evaluationin the pre-mediation model.",
business_size=profile.get("business_size", "Between S$1m and S$25m")
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years_exp=profile.get("years_experience", 15)
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founder=profile.get("is_founder", True)
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lines.append("You are participating in a research study on entrepreneurial decision-making.")
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lines.append(f"Imagine you are a {age}-year-old entrepreneur in Singapore who {'founded'iffounderelse'acquired'} a {industry.lower()} business (annual revenue: {business_size}). You have {years_exp} years of business experience.")
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lines.append("Please answer all questions honestly based on your perspective as a business owner.\n")
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lines.append(
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"Answer as one of the Singapore SME founders/owners described in the original paper."
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)
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lines.append(
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f"Imagine you are a {age}-year-old {sex} entrepreneur in Singapore, "
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f"{race}, with {education} education, who {'founded'iffounderelse'bought over'} "
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f"the business you run (annual revenue: {business_size})."
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)
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lines.append("Please answer all questions honestly from that participant's perspective.\n")
lines.append(" Focus on the issues that actually drive your judgment from the case as written.")
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lines.append(" Mention extra information only if you genuinely need it.")
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lines.append(f" (Optional. Answer Q{q_counter}=<brief response>, write Q{q_counter}=No additional information needed, or omit Q{q_counter} to skip.)\n")
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