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Judgment & ambiguity · Decisions under uncertainty

It's the night before pricing an IPO and the bookbuild is covered, but half the demand is from momentum accounts you don't trust to hold, and two anchor long-onlys are still "reviewing." Where do you price, and what's your reasoning?

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Coverage isn't the metric — quality and stickiness of the book is.

The full answer: structure, worked example, likely follow-up.

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