Behavioral Finance as a Human Dimension of Finance in the Context of Cognitive Bias and Heuristics: A Literature Review and Compilation Study

Öz

There are two basic assumptions of traditional finance theory. These are individuals are rational and aim to maximize their benefits in accordance with the assumptions of expected utility theory. Rational decision making under uncertainty that is the work done for the first time by Savage (1954) requires that individuals give probabilities to possible outcomes of events and harmonize the means to assess these outcomes. However, as can be seen in the traditional theories, the process of conducting such estimations and decision making processes that can cause serious negativity is an important issue that cannot be reduced to pure mathematical models. At this point, the human nature factor must be taken into account. The biases and the preferences that go beyond the standards in the field of psychology have been applied to investor behavior by the behavioral finance field. The example of deviation from full rationality was revealed by Simon (1957), which suggested bounded rationality. Bounded rationality assumes that some cognitive limitations or costs of information collection prevent decision-makers from making the most appropriate decisions. As the physical and social world is too complex to be predicted, it becomes more difficult to make decisions about the future and uncertainty. For this reason, individuals often tend to look for ways to make decisions easily and effortlessly. According to the biases and heuristics approach, people use cognitive shortcuts that are open to false assessments while making probability assessments. In this study, behavioral finance discipline, cognitive prejudices and crescents are discussed and studies on the subject are discussed. This study is a literature review and compilation study.ngilizce 

Anahtar Kelimeler

• Cognitive Biases,Heuristics,Behavioral Finance,Behavioral Corporate Finance,Financial Decisions

Bilişsel Önyargı ve Hevristik Bağlamında Finansın İnsani Boyutu Olarak “Davranışsal Finans”: Bir Literatür İncelemesi ve Derleme Çalışması

Öz

Geleneksel finans teorisinin iki temel varsayımı söz konusudur. Bunlar, bireylerin rasyonel oldukları ve beklenen fayda teorisinin varsayımlarına uygun olarak faydalarını maksimize etme amacı taşıdıklarıdır. İlk kez Savage (1954) tarafından yapılan çalışma ile gündeme gelmiş olan belirsizlik altında rasyonel karar verme, bireylerin olayların gerçekleşme olasılıklarını tahmin etmesini ve bu sonuçları değerlendirme araçlarını uyumlu hale getirmesini gerektirmektedir. Bununla birlikte geleneksel teorilerde görüldüğü gibi sonuçları açısından ciddi olumsuzluklara neden olabilecek türden tahminleri yürütme ve karar alma süreçleri saf matematiksel modellemelere indirgenemeyecek kadar önemli bir meseledir. Bu noktada insan doğasının da hesaba katılması gerekmektedir. Psikoloji alanındaki çalışmalar sonucu ortaya konmuş önyargılar ve standartların dışına çıkan tercihler davranışsal finans alanı tarafından yatırımcı davranışlarına uygulamıştır. Tam rasyonellikten sapmanın örneği ise Simon (1957) tarafından sınırlı rasyonellik önermesi ile ortaya konmuştur. Sınırlı rasyonellik, bazı bilişsel engellerin veya bilgi toplama maliyetlerinin, karar vericilerinin tam olarak en uygun kararları vermesini önlediğini varsayar. Fiziksel ve sosyal dünya tahminlenemeyecek kadar karmaşık unsurlar barındırdığından gelecekle ilgili ve belirsizlik içeren kararları almak daha fazla zorlaşmaktadır. Bu nedenle bireyler genellikle alacakları kararları çaba göstermeden ve kolaylıkla almanın yollarını arama eğilimi gösterirler. Hevristik ve önyargı yaklaşımına göre insanlar olasılık değerlendirmeleri yaparken hatalı değerlendirmelere açık bilişsel kısayollar kullanılar. Bu çalışmada davranışsal finans disiplini, bilişsel önyargılar ve hevristikler bağlamında ele alınmış ve konu ile ilgili yapılan çalışmalar üzerinde durulmuştur. Bu çalışma bir literatür incelemesi ve derleme çalışması mahiyetindedir.

Anahtar Kelimeler

• Bilişsel Önyargılar,Hevristikler,Davranışsal Finans,Davranışsal Kurumsal Finans,Finansal Kararlar

Kaynakça

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