• E bias: reinvest after bad.
○ S 1976 invest R&D
§ Investment ↓,invest↑
○ A,C&S 1993
§ However- context change
§ Change date ,comtemporary
§ E bisa(-)
○ Controversial?
§ One way: define the limits
§ However: E bias (-)
§ Furthermore: not have a correct desicion
no information for alternative