Theoretical Evaluation Of Psychological Biases In Behavioral Finance

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

DAVRANIŞSAL FİNANSIN PSİKOLOJİK EĞİLİMLERİNİN KAVRAMSAL DEĞERLENDİRMESİ

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.

Anahtar Kelimeler

• : Davranışsal finans,Demir atma,Aşırı güven,Doğrulama,Bulunabilirlik,Pişmanlıktan Kaçınma

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