A German company has just submitted a 220-page bid on a contract to supply state-of-theart mining equipment to the Canadian mining company Barrick Gold. The supplier has supplied most of the major mining companies in the world and has equipment that it believes is not matched by its competitors. Profits have increased over each of the last eight quarters. The CEO estimates the probability of getting the contract is 0.75. Describe ways in which this estimate may suffer from:

a) Overconfidence bias

b) Sunk cost bias

c) Recency bias