Theoretical Evaluation Of Psychological Biases In Behavioral Finance

Year 2019, , 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

DAVRANIŞSAL FİNANSIN PSİKOLOJİK EĞİLİMLERİNİN KAVRAMSAL DEĞERLENDİRMESİ

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

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