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Psicologia Clínica
versão impressa ISSN 0103-5665versão On-line ISSN 1980-5438
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CARDOSO, Nicolas de Oliveira; YOSHINAGA, Claudia Emiko; METTE, Frederike Monika Budiner e MACHADO, Wagner de Lara. PSYCHOLOGICAL BIASES AND DECISION-MAKING: EXPERT VERSUS INDIVIDUAL INVESTORS OPINIONS. Psicol. clin. [online]. 2023, vol.35, n.1, pp.193-218. Epub 26-Ago-2024. ISSN 0103-5665. https://doi.org/10.33208/pc1980-5438v0035n01a09.
This study aimed to investigate the opinions of Brazilian investors about which psychological biases may influence the decision-making of individual investors and financial market professionals. The answers to two open questions about decision-making in investments from 8 researchers in the field of behavioral finance, 17 financial market professionals and 20 individual investors were analyzed. The data obtained were evaluated with text mining techniques and presented in the format of semantic networks. The main results show that the participants reported 17 different biases. Although there are discrepancies in the opinions of each group of participants, anchoring biases, overconfidence, loss aversion and herd effect were the most reported by the three groups. Furthermore, 35% of individual investors reported not knowing any bias, and another 30% believe that financial market professionals are immune to their effects. These findings demonstrate the need to develop educational interventions about the influence of psychological biases on decision-making. Such interventions can reduce bad financial decisions and even prevent investors from entering financial pyramid schemes.
Palavras-chave : behavioral economics; economic psychology; cognitive bias; behavioral bias; emotional bias.