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Theoretical Evaluation Of Psychological Biases In Behavioral Finance

Yıl 2019, Cilt: 2 Sayı: 2, 127 - 160, 17.07.2019
https://doi.org/10.33416/baybem.559155

Öz

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.

Kaynakça

  • Agans, R.P., ve Shaffer, L.S. (1994). The Hindsight Bias: The Role of the Availability Heuristic and Perceived Risk. Basic and Applied Social Psychology, 15(4), 439–449.
  • 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.
  • Lin, J.H. ve Hung, W.M. (2013). A Barrier Option Framework For Bank Interest Margin Management Under Anticipatory Regret Aversion. Economic Modelling, 33(July), 794–801.
  • McElroy, T. ve Dowd, K. (2007). Susceptibility to Anchoring Effects: How Openness To Experience Influences Responses To Anchoring Cues. Judgment and Decision Making, 2(1), 48–53.
  • Meng, S., (2017) .Availability Heuristic Will Affect Decision–Making and Result in Bias. 3rd International Conference on Management Science and Innovative Education Oct 14–15, Jinan, China, 267–272.
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DAVRANIŞSAL FİNANSIN PSİKOLOJİK EĞİLİMLERİNİN KAVRAMSAL DEĞERLENDİRMESİ

Yıl 2019, Cilt: 2 Sayı: 2, 127 - 160, 17.07.2019
https://doi.org/10.33416/baybem.559155

Öz

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.









Kaynakça

  • Agans, R.P., ve Shaffer, L.S. (1994). The Hindsight Bias: The Role of the Availability Heuristic and Perceived Risk. Basic and Applied Social Psychology, 15(4), 439–449.
  • 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.
  • Lin, J.H. ve Hung, W.M. (2013). A Barrier Option Framework For Bank Interest Margin Management Under Anticipatory Regret Aversion. Economic Modelling, 33(July), 794–801.
  • McElroy, T. ve Dowd, K. (2007). Susceptibility to Anchoring Effects: How Openness To Experience Influences Responses To Anchoring Cues. Judgment and Decision Making, 2(1), 48–53.
  • Meng, S., (2017) .Availability Heuristic Will Affect Decision–Making and Result in Bias. 3rd International Conference on Management Science and Innovative Education Oct 14–15, Jinan, China, 267–272.
  • Menkhoff, L., Schmeling, M. ve Schmidt, U. (2013). Overconfidence, Experience, and Professionalism: An Experimental Study. Journal of Economic Behavior and Organization, 86, 92–101.
  • Michailova, J., Maciulis, A. ve Tvaronaviciene, M. (2017). Overconfidence, Risk Aversion and Individual Financial Decisions In Experimental Asset Markets. Economic Research–Ekonomska Istrazivanja, 30(1), 1119–1131.
  • Mitroi, A. ve Stancu, I. (2014). Biases, Anomalies, Psychology of A Loss and Individual Investment Decision Making. Economic Computation and Economic Cybernetics Studies and Research/Academy Of Economic Studies, 48(1), 5–21.
  • Moore, D.A. ve Schatz, D. (2017). The Three Faces of Overconfidence. Social and Personality Psychology Compass, 11(8), Article Number: e12331.
  • Mota, J.H., Moreira, A.C. ve Cossa, A.J.(2015). Behavioural Factors in The Financial Decisions of Young Mozambicans. South African Journal of Business Management, 46(4), 11–22.
  • Nelson, J.A., (2014). The Power of Stereotyping and Confirmation Bias To Overwhelm Accurate Assessment: The Case of Economics, Gender, and Risk Aversion. Journal of Economic Methodology, 21(3), 211–232.
  • Nickerson, R.S. (1998). Confirmation Bias: An Ubiquitous Phenomenon in Many Guises. Review of General Psychology, 2(2), 175–220
  • Pandey, R. ve Jessica, V.M. (2018). Measuring Behavioural Biases Affecting Real Estate Investment Decisions in India: Using IRT. International Journal of Housing Markets and Analysis, 11(4), 648–668.
  • Peon, D., Antelo, M., ve Calvo, A., (2016). Overconfidence and Risk Seeking in Credit Markets:An Experimental Game. Review of Managerial Science, 10(3), 511–552.
  • Pohl, R.F. ve Hell, W. (1996). No Reduction of Hindsight Bias After Complete Information and Repeated Testing. Organizational Behavior and Human Decision Processes, 67(1), 49–58.
  • Poletiek, F.H. ve Berndsen, M. (2000). Hypothesis Testing As Risk Behaviour With Regard To Beliefs. Journal of Behavioral Decision Making, 13(1), 107–123.
  • Pompian, M., (2012). Behavioral Finance and Investor Types: Managing Behavior To Make Better Investment Decisions. John Wiley, New Jersey, USA
  • Raines, J.P. ve Leather, C.G. (2011). Behavioral Finance and Post Keynesian–Institutionalist Theories of Financial Markets. Journal of Post Keynesian Economics, 33(4), 539–553.
  • Reb, J. (2008). Regret Aversion and Decision Process Quality: Effects of Regret Salience on Decision Process Carefulness. Organizational Behavior and Human Decision Processes, 105(2), 169–182.
  • Schaefer, P.S., Williams, C.C., Goodie, A.S. ve Campbell, K.W. (2004). Overconfidence and The Big Five. Journal of Research in Personality, 38(5), 473–480.
  • Schinckus, C. (2011). Archeology of Behavioral Finance. The IUP Journal of Behavioral Finance, 8(2), 7–22.
  • Seiler, M.J., Seiler, V.L., Traub, S. ve Harrison, D., (2008). Regret Aversion and False Reference Points in Residential Real Estate. Journal of Real Estate Research, 30(4), 461–474.
  • Shams, M.A. (2002). The Availability Heuristic in Judgments of Research Findings: Manipulations of Subjective Experience. The Osprey Journal of Ideas and Inquiry, All Volumes (2001–2008), 114–127
  • Smith, A.R., Windschitl, P.D. ve Bruchmann, K. (2013). Knowledge Matters: Anchoring Effects Are Moderated By Knowledge Level. European Journal of Social Psychology, 43(1), 97–108.
  • Statman, M., Thorley, S. ve Vorkink, K. (2006). Investor Overconfidence and Trading Volume. Review of Financial Studies, 19(4), 1531–1565.
  • Strack, F. ve Mussweiler, T. (1997). Explaining The Enigmatic Anchoring Effect: Mechanisms of Selective Accessibility. Journal of Personality and Social Psychology, 73(3), 437–446
  • Svenson, O. (1981). Are We All Less Risky and More Skillful Than Our Fellow Drivers?. Acta Psychologica, 47(2), 143–148.
  • Tversky, A. ve Kahneman, D. (1973). Availability: A Heuristic for Judging Frequency and Probability. Cognitive Psychology, 5(2), 207–232.
  • Tversky, A. ve Kahneman, D. (1974). Judgment Under Uncertainty:Heuristics and Biases. Science, 185(4157), 1124–1131.
  • Van de Ven, N. ve Zeelenberg, M. (2011). Regret Aversion and The Reluctance To Exchange Lottery Tickets. Journal of Economic Psychology, 32(1), 194–200
  • Wegener, D.T., Petty, R.E., Blankenship, K.L. ve Detweiler, B.B. (2010). Elaboration and Numerical Anchoring: Implications of Attitude Theories for Consumer Judgment and Decision Making. Journal of Consumer Psychology, 20(1), 5–16.
  • Wong, K.P. (2012). Production and Insurance Under Regret Aversion. Economic Modelling, 29(4), 1154–1160.
  • Wong ,K.P. (2014). Fixed Versus Variable Rate Loans Under Regret Aversion. Economic Modelling, 42(Oct), 140–145.
  • Xia, T., Wang, Z. ve Li, K., (2014). Financial Literacy Overconfidence and Stock Market Participation. Social Indicators Research, 119(3), 1233–1245.
  • Zeelenberg, M. ve Beattie, J. (1997). Consequences of Regret Aversion 2: Additional Evidence for Effects of Feedback on Decision Making. Organizational Behavior and Human Decision Processes, 72(1), 63–78.
  • Zeelenberg, M., Beattie, J., Pligt, V.J. ve Vries, N.K. (1996). Consequences of Regret Aversion: Effects of Expected Feedback on Risky Decision Making. Organizational Behavior and Human Decision Processes, 65(2), 148–158.
  • Zeelenberg, M. ve Pieters, R. (2004). Consequences of Regret Aversion in Real Life: The Case of The Dutch Postcode Lottery. Organizational Behavior and Human Decision Processes, 93(2), 155–168.
Toplam 87 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Makaleler
Yazarlar

Selim Aren 0000-0003-1841-0270

Yayımlanma Tarihi 17 Temmuz 2019
Gönderilme Tarihi 30 Nisan 2019
Yayımlandığı Sayı Yıl 2019 Cilt: 2 Sayı: 2

Kaynak Göster

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

İşletme Ekonomi ve Yönetim Araştırmaları Dergisi Creative Commons Atıf 4.0 Uluslararası Lisansı ile lisanslanmıştır.

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