 Evidence supports the claim that decisions are often made by “narrow framing” with investors making portfolio decisions in isolation from their entire portfolio (Nicholas Barberis et al., 2003).Shlomo Benartzi and Thaler found that investors also tended to use unreasonable time periods in evaluating their investments.Other critics of the "homo economicus" model of humanity, such as Bruno Frey, point to the excessive emphasis on extrinsic motivation (rewards and punishments from the social environment) as opposed to intrinsic motivation.