Consider the responses to a survey conducted of geologists working in the mining industry. The survey put the following question to the geologists: “If an economic deposit was discovered tomorrow, how many years would pass before it could be put into production? Consider only typical problems, planning permission, objections, engineering studies, etc.” In responding, the geologists provided a range, from five to ten years. Historically, the typical project has taken ten years. Discuss whether the geologists’ responses exhibit any behavioral biases.
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