[3] Shlomo Benartzi and Richard Thaler commented on Read and Loewenstein's research: "This result is striking since in either case the candies are dumped into a bag and consumed later.
"[4] Following on the naive diversification showed by children, Benartzi and Thaler turned to study whether the effect manifests itself among investors making decisions in the context of defined contribution saving plans.
Doron Kliger, Martijn van den Assem and Remco Zwinkels show that naïve reliance on the diversification rule is not limited to lay people and laboratory subjects.
[5] Daniel Fernandes of the Catholic University of Portugal used a similar procedure to Benartzi and Thaler's experiment to elicit the naïve diversification bias of each individual subject.
The naïve diversification bias was observed across many samples (even among professors of finance at the university) and was explained by the extent to which investors use their intuition to decide.