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In this paper, we analyze the investment patterns of a large number of clients of a major Israeli brokerage house during 1994. We compare the behavior of clients making independent investment decisions to that of investors whose accounts were managed by brokerage professionals. Our main objective is to investigate whether the disposition e€ect (i.e., the(More)
T ime is one of the more salient constraints on managerial behavior. This constraint may be very taxing in high-velocity environments where managers have to attend to many tasks simultaneously. Earlier work by Radner (1976) proposed models based on notions of the thermostat or " putting out fires " to guide managerial time and effort allocation among tasks.(More)
O rganizations that go through rare and unusual events, whether they are costly or beneficial, face the challenge of interpreting and learning from these experiences. Although research suggests that organizations respond to this challenge in a variety of ways, we lack a framework for comparing and analyzing how organizational learning is affected by rare(More)
W e extend the variable risk preferences model of decision making to a competitive context in order to develop theory about how competition affects both focus of attention and risk taking. We hypothesize and find support for leader– follower differences in the channeling of attention to an aspiration or survival point. Our results indicate that leaders(More)
Two cases of suicide by related kidney donors following graft rejection and the death of the recipients are reported. It is concluded that psychiatric screening of the donor before transplantation is necessary in order to obtain information about past psychopathology, ambivalence involved in donating the kidney, psychological style, characteristic defenses(More)
The ability to detect a change, to accurately assess the magnitude of the change, and to react to that change in a commensurate fashion are of critical importance in many decision domains. Thus, it is important to understand the factors that systematically affect people's reactions to change. In this article we document a novel effect: decision makers'(More)
Draft: Please don't distribute and don't quote without authors' permission. Abstract Stakeholders often control vital resources for decision makers, and this can lead decision makers to take stakeholder opinions into account when making important decisions. This process can be complicated by a number of factors. First, many important decisions involve risk(More)