Behavioral finance and games: simulations in the academic environment

Abstract

The contribution from this study lies in its reflection on the factors that influence market efficiency, which requires a multidisciplinary view to analyze the intervening factors that impact results of the financial system. It also contributes by reflecting on the need for new approaches for training professionals who will go on to work in financial and related areas and preparing them by using different financial analysis techniques; by reflecting on the fact that analytical practices are influenced by social, cognitive, and emotional aspects, enabling the students to be better prepared to act in the financial market; by presenting various technical possibilities and providing more comprehensive knowledge to choose the one that best suits the object of analysis and their preferences; and by reflecting on different ways of perceiving investment opportunities and risk, which can be expanded on in other studies on the segmentation of clients according to their preferences in the investor market. The aim of this study was to analyze how social and psychological aspects influenced the decisions involved in simulated trading operations. The relevance lies in its discussion of the philosophical and epistemological position in finance, which suffers from a vision that only focuses on the rationality of means and does not explain the anomalies verified in the financial market. The study originated from the application of a company game simulating the work of stock market trading desk operators, applied in the Stock Market Operations course and using fundamental, technical, and graphical techniques. The population was intentional and made up of undergraduate and graduate students from one of the four best Brazilian federal universities. The data analysis was performed by analyzing the content of the questionnaires applied and the journal entries made during participant observation.

Behavioral finance: Evolution from the classical theory and remarks

“…In their 2017 publication, "Behavioral Finance and Games: Simulations in the Academic Environment" Torga et al carried out a simulation study on decision-making in stock market operations using fundamental and technical analysis strategies (Torga et al 2017). This in order to analyze the influence of social and psychological aspects in negotiation decisions.…”

Jogos de empresas, aprendizagem vivencial, teoria do fluxo e aprendizagem baseada em problemas

“…Segundo Bellotti, Kapralos, Lee, Moreno-Ger e Berta (2013) e Tan, Tse e Chung (2010), a aprendizagem por meio de jogos tem quatro principais objetivos: tornar o conhecimento mais acessível, dar visibilidade ao pensamento, fazer o aprendizado tornar-se divertido e promover a aprendizagem autônoma. Já para Sauaia (2010), os objetivos dos jogos de empresas, particularmente para graduandos, incluem a imposição de uma visão sistêmica das organizações, a inserção de questões econômicas e o desenvolvimento de pensamentos críticos em tomadas de decisões (TORGA et. al, 2018) Para esclarecer um pouco melhor esta diversidade de simuladores existentes, é possível encontrar publicações acadêmicas com testes empíricos sobre jogos de diferentes gêneros (APESTEGUIA; AZMAT; IRIBERRI, 2012); diferentes estilos cognitivos (PETERS; VISSERS, 2004) e até diferentes no grau de complexidade do simulador (TEACH;MURFF, 2008).…”

Alfabetização financeira dos profissionais que atuam em instituições bancárias

“…Frente a este contexto, Torga et al (2018) afirmam que o indivíduo sofre influências sociais, cognitivas e emocionais quando se depara com a situação de tomada de decisão, sendo assim, impactado diretamente ao que tange suas finanças pessoais, ou seja, a administração de sua renda mensal, envolvendo seus gastos, sua poupança e seus investimentos.…”