early-stage investments are only a fraction of the entire option value, necessarily targeted to validate the most salient assumption. Similarly regret aversion should not be misconceived as risk aversion because the exposure of small early-stage investments is usually not material. Instead, these initial investments carefully probe the opportunity’s core value while providing a sense of control over an otherwise uncertain outcome. Regret is minimized by the realization that the opportunity development can be terminated if the assumption outcomes are not promising. The investment funds expended are prudently applied only to investigate a promising opportunity, and, in return, are enhanced by the acquired knowledge and the ability to make a better decision. Since individuals are prone to cognitive biases, various intervention strategies are designed to reduce them including expert review along with bias and naïve realism awareness. A phenomenon termed “bias blind spot” succinctly describes an individual’s unconscious susceptibility to biases. This fundamental attribution error remains subconsciously hidden by an illusion of self-introspection, i.e., that we believe, falsely, we have access to our inner intentions or motivations. Biases may be post hoc rationalized away, but nonetheless impact decision-making. To counteract biases, it is insufficient simply be aware of their characteristics, but necessary also to become educated of one’s own introspection illusion. References Real options Monte Carlo methods in finance Financial models