21  Following the ambiguity aversion analogy, the bias may stem because we are able to characterise, in probabilistic terms, the implications of a shift in bank capital requirements, which have a long history of regulation, while we lack this ability for other, new or relatively untested MAP policy instruments (see e.g. Barberis and Thaler, 2003).
22  The Italian insurance supervisor (IVASS, which is under the control of the Bank of Italy) has now broadened the possibility for insurance companies to buy corporate bonds.