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

Yıl 2018, Cilt: 1 Sayı: 2, 131 - 156, 24.12.2018

Bilgehan Tekin

https://doi.org/10.35235/uicd.462794

Cited By: 3

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

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