Based on our discussion in class, managers are likely overconfident in the context of capital budgeting and investment decisions for all of the following reasons except

$\_\_\_\_\_\_.$

People tend to be overconfident about complex problems like capital budgeting

Because of randomness inherent in outcomes, it is difficult to learn from the outcome of a capital budgeting decision

Managers who retain their job are likely luckier than those who don$$t retain their job on average, and may attribute their success to their own skills instead of luck

Managers sometimes hold on to their stock options all the way to maturity