Behavioral Finance Experiments: A Recent Systematic Literature Review

Valcanover, Vanessa Martins; Sonza, Igor Bernardi; Silva, Wesley Vieira da

doi:10.1177/2158244020969672

Cited by 17 publications

(12 citation statements)

References 67 publications

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“…Antes de que se desarrollara el concepto de FC, numerosas teorías financieras y económicas intentaron explicar cómo los inversores tomaban decisiones y cómo funcionaban los mercados financieros (Valcanover et al, 2020). Por ejemplo, Neumann y Morgenstern (1944) publicaron el libro Teoría de juegos y comportamiento económico, uno de los logros más destacados de la teoría económica moderna que supuso la transformación de la comprensión de la toma de decisiones.…”

Section: Finanzas Conductualesunclassified

Toma de decisiones financieras en los estudiantes de la Universidad del Azuay. Enfoques de la Teoría de las Finanzas y la Prospectiva del Comportamiento

Ladrón de Guevara Cortes,

Orellana Osorio,

Tonon Ordóñez

2024

akadem

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Las finanzas conductuales se analizan desde el punto de vista de la psicología porque la racionalidad de los individuos en la toma dedecisiones incluye las emociones, el género y su educación. Algunos organismos internacionales han advertido que es necesario mejorar la educación financiera de las personas para que puedan tomar buenas decisiones. Por ello, se realizó una encuesta a un grupo de estudiantes de la Universidad del Azuay. Los resultados demuestran los efectos de la certeza, la reflexión y el aislamiento en los programas educativos de los participantes del estudio que toman decisiones financieras bajo incertidumbre, basadas en la teoría de la prospectiva, en lugar de la teoría de la utilidad esperada. Los perfiles de riesgo indicaron que las mujeres son más conservadoras que los hombres. Este estudio amplía estudios empíricos previos realizados en universidades de México, Colombia, Brasil y Argentina. Palabras Clave: finanzas conductuales, teoría prospectiva, decisiones financieras, racionalidad y riesgo Abstract Behavioral finance is analyzed from the point of view of psychology because the rationality of individuals in decision-making includesemotions, gender, and education. Some international organizations have warned that it is necessary to improve people’s financial education so that they can make good decisions. A survey was conducted with a group of students from the University of Azuay. Results show that of the study participants who make financial decisions under uncertainty based on the Theory of Prospective rather than Expected Utility Theory, you can see the effects of certainty, reflection, and isolation in the educational programs of these students. Risk profiles also indicated that gender plays a role- women are more conservative than men. This study builds empirical studies that were conducted in the past at universities in Mexico, Colombia, Brazil, and Argentina. Keywords: Pprospect theory, behavioural finance, financial decisions, rationality and riskAbstract Behavioral finance is analyzed from the point of view of psychology because the rationality of individuals in decision-making includesemotions, gender, and education. Some international organizations have warned that it is necessary to improve people’s financial education so that they can make good decisions. A survey was conducted with a group of students from the University of Azuay. Results show that of the study participants who make financial decisions under uncertainty based on the Theory of Prospective rather than Expected Utility Theory, you can see the effects of certainty, reflection, and isolation in the educational programs of these students. Risk profiles also indicated that gender plays a role- women are more conservative than men. This study builds empirical studies that were conducted in the past at universities in Mexico, Colombia, Brazil, and Argentina. Keywords: Pprospect theory, behavioural finance, financial decisions, rationality and risk.

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Section: Finanzas Conductualesunclassified

Toma de decisiones financieras en los estudiantes de la Universidad del Azuay. Enfoques de la Teoría de las Finanzas y la Prospectiva del Comportamiento

Ladrón de Guevara Cortes,

Orellana Osorio,

Tonon Ordóñez

2024

akadem

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“…Pradita University's investment course consists of the building block of classical financial theory, which heavily emphasises portfolio theory and valuation (stocks and bonds) based on the time value framework. However, these theories are not complete without emotional knowledge to make "unbiased" decisions for their investment because some researchers have found exciting phenomena in the investment decision (Frydman & Camerer, 2016;Kahneman et al, 1991;Moreira Costa et al, 2021;Sarin & Chowdhury, 2017;Valcanover et al, 2020).…”

Section: Several Phenomena In Investment and Emotional Knowledgementioning

confidence: 99%

Challenges of Integrating Emotion into a Theoretical Framework in a Higher Education Investment Course

Kiky¹

2022

JRE

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COVID-19 has changed many aspects of our daily life. In order to minimise the spread of the virus, social interaction was restricted, and as a result, community gatherings became less than before. The social restriction has created an opportunity in the digital economy; specifically, it has boosted the number of retail investors in Indonesia. Investment is a compulsory subject taught to business students, and the emergence of retail investors deserves special attention in our syllabus. However, fundamental theories of investment that are being taught in current education systems only focus on the cognitive aspect and theoretical framework to measure investment risk without any learning experience on the emotional part. This research argues that without emotion, the investment framework is not complete. Therefore, this research aims to evaluate the ongoing investment course at Pradita University and provide suggestions for a future class. An independent t-test is conducted to measure the perceived emotional feeling between a group of students with trading or simulation experience and the inexperienced group. The outcomes of this research could contribute to the body of knowledge to build a proper syllabus for investment courses for higher education.

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“…De esta forma, Valcanover et al (2020) indaga como tema importante, que los experimentos sobre las heurísticas y los sesgos, han tenido debates importantes a lo largo del desarrollo sobre la economía conductual y las finanzas conductuales desde los años 60 hasta los 90. Sin embargo, tal y como lo afirma Smith en su estudio realizado en 1976 sobre estudio del comportamiento en la toma de decisiones, los experimentos posibilitan que los sesgos mencionados anteriormente emerjan en un entorno experimental, donde los participantes pueden ganar dinero real tomando decisiones ficticias con el fin de estudiarlos.…”

Section: Evitar El Arrepentimientounclassified

Behavioral Finance: A Brief Review of the Context

Álvarez¹,

Bautista²,

Contreras³

et al. 2022

jmv

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The financial decision making of individuals is subject to the functioning of the brain system and its performance, which depend on patterns that are currently recognized as biases of human behavior. This article aims to review in context the new trends emerging from traditional economic, psychological and financial analysis to form the concept of behavioral finance and how these trends affect the individual and environment. The search parameters were based on the traditional economic paradigm and its evolution towards behavioral economics, including sociological, behavioral finance analysis and the biases involved in these. In this way, the literature is reviewed, the various contributions that have been made since the 1990s to the research in question and the empirical measurement and behavioral biases of the financial decision-making process. The first results conclude that the neoclassical economics approach has undergone an evident transformation that includes market agents evaluated rationally and the behaviors acquired in financial decisions due to the intervention of biases associated with people's behaviors.

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Behavioral Finance Experiments: A Recent Systematic Literature Review

Cited by 17 publications

References 67 publications

Toma de decisiones financieras en los estudiantes de la Universidad del Azuay. Enfoques de la Teoría de las Finanzas y la Prospectiva del Comportamiento

Toma de decisiones financieras en los estudiantes de la Universidad del Azuay. Enfoques de la Teoría de las Finanzas y la Prospectiva del Comportamiento

Challenges of Integrating Emotion into a Theoretical Framework in a Higher Education Investment Course

Behavioral Finance: A Brief Review of the Context

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