Alice started a company upon graduating from the University of Guelph, and a few years later she sold it to a larger firm in the same industry. She used the money from that sale to start a second company that she also sold, and repeated the process for five companies in total, each time selling the company for more than she had put into it. Now she is about to start her sixth company, the largest to date, and estimates that she will be able to sell it for over $100 million with a probability of 0.8. Describe ways in which her estimate may suffer from:

a) Overconfidence bias

b) Sunk cost bias

c) Recency bias