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This paper aims to explore the development of investment decision tools by understanding the rationality behind the disposition effect. We suspect that not all disposition decisions are irrational. The decisions should be evaluated based on the bounded rationality of the individuals’ target and tolerance level, which is not covered in previous literature. Adding the context of individual preference (target and tolerance) in their decision could improve the classic measurement of disposition effect.

The laboratory web experiment is prepared to collect the responses in holding and selling the stocks within 14 days. Two groups of Gen Z investors are observed. The control group makes a decision based on their judgment without any system recommendation. In contrast, the second group gets help inputting their target and tolerance. Furthermore, the framing effect is also applied as a reminder of their target and tolerance to induce more holding decisions on gain but selling on loss.

The framing effect is adequate to mitigate the disposition effect but only at the early day of observation. Bounded rationality explains the rationality of liquidating the gain because the participants have reached their goal. The framing effect is not moderated by days to affect the disposition effect; over time, the disposition effect tends to be higher. A new measurement of the disposition effect in the context of bounded rationality is better than the original disposition effect coefficient.

Gen Z investors need a system aid to help their investment decisions set their target and tolerance to mitigate the disposition effect. Investment firms can make a premium feature based on real-time market data for investors to manage their assets rationally in the long run. Bounded rationality theory offers more flexibility in understanding the gap between profit maximization and irrational decisions in behavioral finance. The government can use this finding to develop a suitable policy and ecosystem to help beginner investors understand investment risk and manage their assets based on subjective risk tolerance.

The classic Proportion Gain Realized (PGR) and Proportion Loss Realized (PLR) measurements cannot accommodate several contexts of users’ targets and tolerance in their choices, which we argue need to be re-evaluated with bounded rationality. Therefore, this article proposed new measurements that account for the users’ target and tolerance level to evaluate the rationality of their decision.

The case introduces the evolution and diversification of the Ceretto family business from the production and distribution of their own wines to the opening of two restaurants and the promotion of cultural and artistic projects. The case provides specific details about how strategic decisions were made. In particular, it shows how non-economic factors such as founders’ identity and personal relationships can shape the choice of new ventures and the formation of alliances. Since the second generation of the family joined the company, the case is useful to highlight the succession process in a family-owned company. The paper aims to discuss these issues.

Due to the exploratory nature of the study the authors adopted a qualitative approach. Information was collected through secondary data and semi-structured, face-to-face interviews with family members and the company's top management. The case explores from a theoretical and empirical point of view the entrepreneurial decision-making process and how it affects the evolution of the company strategy.

The case illustrates the role of founders’ (organizational) identity and of social relationships in influencing the diversification of the company and its partnership strategy.

The research strategy does not allow generalizations.

The case integrates strategic alliances literature highlighting the importance of the nature of the tie existing between companies before the alliance is set and of the decision makers’ identity in shaping partnerships’ choice. The case is useful in entrepreneurship and managing small or family business courses but also for students attending management of foods and beverage or cultural management courses.

This paper focuses on the relationships that consumers develop with experiential objects in the context of the Biennale of Contemporary Art Exhibition, viewed from a dialogical and intersubjective approach. The purpose of this paper is to elaborate on the interpersonal relationships that visitors of the Biennale establish with contemporary artworks and to understand the characteristics of these relationships as well as their role in shaping Biennale visitors’ identity narratives.

This research employs an instrumental case study that draws on multiple data sources and examines consumers’ relationships with contemporary artworks.

The case study evidence introduces the relationships that emerged from Biennale visitors’ interactions with contemporary artworks and the identity narratives evolving from these relationships. The findings suggest that Biennale visitors’ relationships with the contemporary artworks take the form of I-thou and I-it relationships. These two modes of interpersonal relationships by entailing different characteristics led investigated visitors to live different types of experiences of contemporary art consumption.

The first limitation of this research is that it focuses on the establishment of interpersonal relationships at the microgenetic level. Further research can provide additional insights by conducting a longitudinal case study. The second limitation is that it provides limited insights into the relationships that are revealed by consumers’ experiences with possessive objects. Future research may examine interpersonal relationships in terms of consumers’ relationships with their brands.

The understanding of visitors’ interactions and relationships with contemporary artworks provides insights into curatorial and marketing practices for such art institutions.

The findings of the current research provide new theoretical insights into the interpersonal relationships that consumers develop with experiential objects and into the distinctive identity narratives that evolve from the establishment of different types of interpersonal relationships.