Research Article
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Theoretical Evaluation Of Psychological Biases In Behavioral Finance

Year 2019, Volume: 2 Issue: 2, 127 - 160, 17.07.2019

Selim Aren

https://doi.org/10.33416/baybem.559155
Cited By: 2

Abstract

Decision-making is
the focus of financial studies. The neoclassical approach decision-making from
a rational perspective, while behavioral finance uses human psychology and
biases. In behavioral finance studies, a number of biases are used to explain
the financial decision-making behavior. However, the theoretical infrastructure
of psychological biases is limited in these studies. This situation causes
insufficiencies and errors in the interpretation of the analyzes as in the
design phase of the model. For this reason, in this study, anchoring, over
confidence, confirmation, availability, regret aversion  biases theoretical infrastructure, causes and
consequences and effect of financial decisions and risk taking behavior were
evaluated in a broad framework.

Keywords

Behavioral finance Anchoring Over confidence Confirmation Availability Regret aversion

References

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DAVRANIŞSAL FİNANSIN PSİKOLOJİK EĞİLİMLERİNİN KAVRAMSAL DEĞERLENDİRMESİ

Year 2019, Volume: 2 Issue: 2, 127 - 160, 17.07.2019

Selim Aren

https://doi.org/10.33416/baybem.559155
Cited By: 2

Abstract

Karar alma finansal
çalışmaların odağında yer alan bir konudur. Neoklasik yaklaşım karar almaya
rasyonel çerçeveden bakarken davranışsal finans insan psikolojisi ve yanlılıklar
[1]açısından
yaklaşır. Davranışsal finans çalışmalarında finansal karar alma davranışını açıklamak
için çok sayıda yanlılık kullanılır.. Ülkemizde de son yıllarda bu alanda
yapılan çalışmalar hızlı bir artış göstermiştir. Ancak bu çalışmalarda psikolojik
yanlılıkların teorik alt yapısına sınırlı yer verildiği görülmektedir. Bu durum
modelin tasarımı aşamasında olduğu gibi analizlerin yorumlanması noktasında da
yetersizliklere ve hatalara sebep olmaktadır. Bu sebeple yapılan çalışmada
davranışsal finans literatüründe kullanılan yanlılıklardan demir atma, aşırı
güven, doğrulama, bulunabilirlik ve pişmanlıktan kaçınma yanlılığının, teorik
alt yapısı, sebep ve sonuçları, finansal kararlara ve risk alma davranışında
etkisi geniş bir çerçeveden değerlendirilmiştir.









Keywords

: Davranışsal finans Demir atma Aşırı güven Doğrulama Bulunabilirlik Pişmanlıktan Kaçınma

References

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  • Aren, S. ve Canikli, S. (2018). Typology of Behavioral Biases and Heuristics, 14TH International Strategic Management Conference July 12–14, 2018 Prague–Czechia, 557–562.
  • Ayadi, N., Paraschiv, C., ve Vernette, E. (2017). Increasing Consumer Well–Being: Risk As Potential Driver of Happiness. Applied Economics, 49(43), 4321–4335.
  • Bell, D.E., (1982). Regret in Decision Making Under Uncertainty. Operations Research, 30(5), 961–981.
  • Benoit, J.P. ve Dubra, J. (2011). Apparent Overconfidence. Econometrica, 79(5), 1591–1625.
  • Bergman, O., Ellingsen, T., Johannesson, M. ve Svensson, C. (2010). Anchoring and Cognitive Ability. Economics Letters, 107(1), 66–68.
  • Broihanne, M.H., Merli, M ve Roger, P. (2014). Overconfidence, Risk Perception and The Risk–Taking Behavior of Finance Professionals. Finance Research Letters, 11(2), 64–73.
  • Ch’ng, K.S. (2010). Confirmation Bias and Convergence of Beliefs: An Agent–Based Model Approach. Malaysian Journal of Economic Studies, 47(1), 19–31 .
  • Charness, G. ve Dave, C. (2017). Confirmation Bias With Motivated Beliefs, Games and Economic Behavior 104, 1–23
  • Chen, C.S., Cheng, J.C., Lin, F.C. & Chihwei, P. (2017). The Role of House Money Effect and Availability Heuristic in Investor Behavior. Management Decision, 55(8), 1598–1612
  • Christandl, F., Fetchenhaueri D. & Hoelzl, E. (2011). Price Perception and Confirmation Bias in The Context of A VAT Increase. Journal of Economic Psychology, 32 (1) 131–141
  • Chuang, W.I. & Lee, Bong–Soo (2006). An Empirical Evaluation of The Overconfidence Hypothesis. Journal of Banking & Finance, 30(9), 2489–2515
  • Cipriano, M. & Gruca, T.S. (2014). The Power of Priors: How Confirmation Bias Impacts Market Prices. The Journal of Prediction Markets, 8(3), 34–56
  • Cohen, D. (2016). A Discussion on Behavioral Finance, Behavioral Finance, Vol:6, https://www.summitfinancial.com/wp/wpcontent/uploads/2016/06/Behavioral_Finance_part_6–Availability_Bias.pdf erişim tarihi:23.11.2018
  • Connolly, T. & Reb, J. (2012). Regret Aversion in Reason–Based Choice. Theory and Decision, 73(1), 35–51
  • Connolly, T. & Zeelenbergi M. (2002). Regret in Decision Making. Current Directions in Psychological Science, 11(6), 212–216
  • Coricelli, G., Critchley, H.D., Joffily, M., O’Doherty, J.P., Sirigu, A. & Dolan, R.J. (2005). Regret and its Avoidance:A Neuroimaging Study of Choice Behavior. Nature Neuroscience, 8(9), 1255–1262.
  • Costa, D.F, Carvalho, F., Bruno, C.M. & Prado, J.W. (2017). Bibliometric Analysis on The Association Between Behavioral Finance and Decision Making With
  • Cognitive Biases Such As Overconfidence, Anchoring Effect and Confirmation Bias. Scientometrics, 111(3), 1775–1799
  • Czerwonka, M. (2017). Anchoring and Overconfidence:The Influence of Culture and Cognitive Abilities. International Journal of Management and Economics, 53(3), 48–66
  • Daniel, K., Hirshleifer, D. & Subrahmanyam, A. (1998). Investor Psychology and Security Market Under–and Overreactions. The Journal of Finance, 53(6), 1839–1885
  • Dimara, E., Dragicevic, P. & Bezerianos, A. (2014). Accounting for Availability Biases in Information Visualization, DECISIVe:Workshop on Dealing with Cognitive Biases in Visualisations. IEEE VIS2014, Nov 9th 2014, Paris, 1–3.
  • Duong, C., Pescetto, G. ve Santamaria, D. (2014). How Value–Glamour Investors Use Financial Information:UK Evidence of Investors’ Confirmation Bias. The European Journal of Finance, 20(6), 524–549.
  • Englich, B. ve Soder, K. (2009) Moody Experts–How Mood and Expertise Influence Judgmental Anchoring. Judgment and Decision Making, 4(1):41–50.
  • Eroglu, C. ve Croxton, K.L. (2010). Biases in Judgmental Adjustments of Statistical Forecasts:The Role of Individual Differences. International Journal of Forecasting, 26(1), 116–133.
  • Fellner, G. ve Kruegel, S. (2012). Judgmental Overconfidence:Three Measures, One Bias?. Journal of Economic Psychology, 33(1) 142–154
  • Folkes, V.S. (1988). The Availability Heuristic and Perceived Risk. Journal of Consumer Research, 15(1), 13–23.
  • Frehen, R., Hoevenaars, R., Palm, F. ve Schotman, P. (2008). Regret Aversion and Annuity Risk in Defined Contribution Pension Plans. Insurance Mathematics and Economics, 42 (3) 1050–1061.
  • Furnham, A. ve Boo, H.C. (2011). A Literature Review of The Anchoring Effect. The Journal of Socio–Economics, 40(1), 35–42.
  • Goetzmann, W.N. ve Kumar, A. (2008). Equity Portfolio Diversification. Review of Finance, 12(3), 433–463.
  • Guo, X., Wong, W.K., Xu, Q. ve Zhu, X. (2015). Production and Hedging Decisions Under Regret Aversion. Economic Modelling, 51(Dec) 153–158.
  • Hilary, G. ve Hsu, C. (2011). Endogenous Overconfidence in Managerial Forecasts. Journal of Accounting and Economics, 51(3), 300–313.
  • Hirshleifer, D.A. (2001). Investor Psychology and Asset Pricing. Journal of Finance, 56, 1533–1597
  • Humphrey, S.J. (2004). Feedback–Conditional Regret Theory and Testing Regret–Aversion in Risky Choice. Journal of Economic Psychology, 25(6) 839–857
  • Inman, J.J., Dyer, J.S. ve Jia, J. (1997). A Generalized Utility Model of Disappointment and Regret Effects on Post–Choice Valuation. Marketing Science, 16(2), 97–111.
  • Inman, J.J. ve Zeelenberg, M. (2002). Regret in Repeat Versus Switch Decisions: The Attenuating Role of Decision Justifiability. Journal of Consumer Research, 29(1), 116–128.
  • Javed, H., Bagh, T. ve Razzaq, S. (2017). Herding Effects, Over Confidence, Availability Bias and Representativeness as Behavioral Determinants of Perceived Investment Performance: An Empirical Evidence from Pakistan Stock Exchange (PSX). Journal of Global Economics, 5(4), 1–13.
  • Jetter, M. ve Walker, J.K. (2017). Anchoring in Financial Decision–Making: Evidence From Jeopardy!. Journal of Economic Behavior & Organization, 141(Sep), 164–176.
  • Johnson, D.D.P. ve Fowler, J.H. (2011). The Evolution of Overconfidence. Nature, 47(7364), 317–320.
  • Kahneman, D. ve Amos, T. (1979). Prospect Theory:An Analysis of Decision Under Risk. Econometrica, 47(2), 263–291
  • Kahneman, D. ve Riepe, M.W. (1998). Aspects of Investor Psychology. The Journal of Portfolio Management, 24(4), 52–65
  • Keller, C., Siegrist, M. ve Gutscher, H. (2006). The Role of the Affect and Availability Heuristics in Risk Communication. Risk Analysis, 26(3), 631– 639.
  • Klayman, J. (1995). Varieties of Confirmation Bias. The Psychology of Learning and Motivation, 32, 385–418.
  • Kliger, D. ve Kudryavtsev, A. (2010). The Availability Heuristic and Investors’ Reaction to Company–Specific Events. Journal of Behavioral Finance, 11(1), 50–65 .
  • Kudryavtsev, A. (2018). The Availability Heuristic and Reversals Following Large Stock Price Changes. Journal of Behavioral Finance, 19(2), 159–176.
  • Kumar, S. ve Goyal, N. (2015). Behavioural Biases in Investment Decision Making—A Systematic Literature Review. Qualitative Research in Financial Markets, 7(1), 88–108.
  • Lambert, J., Bessiere, V. ve N'Goala, G. (2012). Does Expertise Influence The Impact of Overconfidence on Judgment, Valuation And Investment Decision?. Journal of Economic Psychology, 33(6), 1115–1128.
  • Larrick, R.P. ve Boles, T.L. (1995). Avoiding Regret in Decisions With Feedback: A Negotiation Example. Organizational Behavior and Human Decision Processes, 63(1), 87–97.
  • Lawrence, F.C. ve Bailey, J. (2005). Regret Avoidance and Risk Tolerance. Financial Counseling and Planning, 16(1), 23–28.
  • Lehman, D.R., Krosnick, J.A., West, R.L. ve Li, F. (1992). The Focus of Judgment Effect: A Question Wording Effect Due to Hypothesis Confirmation Bias. Personality and Social Psychology Bulletin, 18(6), 690–699.
  • Leyens, J.P., Yzerbyt, V. ve Comeille, O. (1996). The Role of Applicability in The Emergence of The Over Attribution Bias. Journal of Personality and Social Psychology, 70(2), 219–229.
  • Li–Chuan, L., Chou, Y.R. ve Banghan, C. (2013). Anchoring Effect on Foreign Institutional Investors' Momentum Trading Behavior: Evidence From The Taiwan Stock Market. North American Journal of Economics and Finance, 26(SI), 72–9.
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There are 87 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Articles
Authors

Selim Aren 0000-0003-1841-0270

Publication Date July 17, 2019
Submission Date April 30, 2019
Published in Issue Year 2019 Volume: 2 Issue: 2

Cite

APA Aren, S. (2019). DAVRANIŞSAL FİNANSIN PSİKOLOJİK EĞİLİMLERİNİN KAVRAMSAL DEĞERLENDİRMESİ. İşletme Ekonomi Ve Yönetim Araştırmaları Dergisi, 2(2), 127-160. https://doi.org/10.33416/baybem.559155

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Trakya Üniversitesi Sosyal Bilimler Dergisi
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