Ethical decision theory may not be sufficiently well developed to furnish reliable guidelines to people involved in complex decision making that involves conflict between ethical considerations and business imperatives such as making a profit. In conditions of ethical uncertainty hindsight bias may occur, and this study reports on an exploration of hindsight bias effects among participants in continuing education in business programmes. Perceptions of business ethics were found to differ among groups within the sample depending on what they thought had (...) been the outcome of the ethical decision concerned. (shrink)