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This question concerns the strictness of (co)completions, at various levels of generality. In Blackwell–Kelly–Power's Two-dimensional monad theory, the authors state For instance, the 2-category $\...

Let $\mathcal K$ be a bicategory. For every pseudomonad $T : \mathcal K \to \mathcal K$, does there exist a 2-monad $S : \mathcal C \to \mathcal C$, where $\mathcal C$ is a 2-category biequivalent to $...