Payne, Laughhunn, and Crum (Payne, J. W., D. J. Laughhunn, R. Crum. 1984. An experimental study of multiattribute risky choice. Management Sci. 30 1350--1361.) found that managers were multiattribute risk averse for gains, but multiattribute risk prone for losses, a pattern that is inconsistent...

Decision makers have a strong tendency to consider problems as unique. They isolate the current choice from future opportunities and neglect the statistics of the past in evaluating current plans. Overly cautious attitudes to risk result from a failure to appreciate the effects of statistical...