Media has been becoming increasingly diversified and public service broadcasters (PSBs) all over the world face new challenges by the Internet, and they have been restructuring their consistencies for the new environments. PSBs have been developing various management approaches by the...

Overall, 72 subjects invest their endowment in four risky assets. Each com-bination of assets yields the same expected return and variance of returns. Illusion of expertise prevails when one prefers nevertheless the self-selected portfolio. After being randomly assigned to groups of four...