Biblioteca Digital de VanguardiaEffect financial competence in investment decisions: a case study in the light of the Prospectus Theory
The Prospect Theory, by Kahneman and Tversky, points out that individuals have limitations in fully exercising their rationality in decision-making processes reacting differently to the same problem when it is presented in different ways. Thus using the Prospect Theory as a theoretical basis this ar...
| Autores principales: | , |
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| Formato: | info:eu-repo/semantics/article |
| Lenguaje: | Portugués |
| Publicado: |
Departamento de Economia
2018
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| Materias: | |
| Acceso en línea: | https://periodicos.fclar.unesp.br/iniciativa/article/view/9995 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/64948 |
| _version_ | 1782335409075781632 |
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| author | Tashiro, Giullia Manli Higashi Capelato, Erika |
| author_facet | Tashiro, Giullia Manli Higashi Capelato, Erika |
| author_sort | Tashiro, Giullia Manli Higashi |
| collection | Repositorio |
| description | The Prospect Theory, by Kahneman and Tversky, points out that individuals have limitations in fully exercising their rationality in decision-making processes reacting differently to the same problem when it is presented in different ways. Thus using the Prospect Theory as a theoretical basis this article discussed and analyzed if it has some previous knowledge in finance can influence the formation of decision processes in investment situations. For this we replicate the empirical investigation of the seminal article by Kahneman and Tversky (1979) to two groups of students with distinct competences in finance and the results indicated, as in seminal research, that there are cognitive biases in the two groups, There is the presence of certainty effects, reflection and isolation, which oppose the hypotheses of the Expected Utility Theory. |
| format | info:eu-repo/semantics/article |
| id | clacso-CLACSO64948 |
| institution | CLACSO, Repositorio Digital |
| language | Portugués |
| publishDate | 2018 |
| publisher | Departamento de Economia |
| record_format | greenstone |
| spelling | clacso-CLACSO649482022-03-18T19:20:59Z Effect financial competence in investment decisions: a case study in the light of the Prospectus Theory Efeito competência financeira em decisões de investimento: um estudo de caso à luz da Teoria do Prospecto Tashiro, Giullia Manli Higashi Capelato, Erika Prospect Theory Expected Utility Theory Financial Competence Teoria do Prospecto Teoria da Utilidade Esperada Competência Financeira The Prospect Theory, by Kahneman and Tversky, points out that individuals have limitations in fully exercising their rationality in decision-making processes reacting differently to the same problem when it is presented in different ways. Thus using the Prospect Theory as a theoretical basis this article discussed and analyzed if it has some previous knowledge in finance can influence the formation of decision processes in investment situations. For this we replicate the empirical investigation of the seminal article by Kahneman and Tversky (1979) to two groups of students with distinct competences in finance and the results indicated, as in seminal research, that there are cognitive biases in the two groups, There is the presence of certainty effects, reflection and isolation, which oppose the hypotheses of the Expected Utility Theory. A Teoria do Prospecto, de Kahneman e Tversky, aponta que os indivíduos possuem limitações em exercer plenamente a sua racionalidade em processos decisórios reagindo de modo diferente a um mesmo problema quando este é apresentado de maneiras diferentes. Assim, utilizando a Teoria do Prospecto como fundamentação teórica, este artigo discutiu e analisou se possuir algum conhecimento prévio em finanças pode influenciar na formação dos processos decisórios em situações de investimento. Para isto replicamos a investigação empírica do artigo seminal de Kahneman e Tversky (1979) a dois grupos de estudantes com competências distintas em finanças e os resultados indicaram, da mesma forma que na pesquisa seminal, que há vieses cognitivos nos dois grupos, mais especificamente, há a presença dos efeitos certeza, reflexão e isolamento, que se opõem as hipóteses da Teoria da Utilidade Esperada. 2018-08-03 2022-03-18T19:20:59Z 2022-03-18T19:20:59Z info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Artigo avaliado pelos Pares https://periodicos.fclar.unesp.br/iniciativa/article/view/9995 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/64948 por https://periodicos.fclar.unesp.br/iniciativa/article/view/9995/7482 Copyright (c) 2018 Revista Iniciativa Econômica application/pdf Departamento de Economia Revista Iniciativa Econômica; v. 3 n. 2 (2017) 2358-5951 |
| spellingShingle | Prospect Theory Expected Utility Theory Financial Competence Teoria do Prospecto Teoria da Utilidade Esperada Competência Financeira Tashiro, Giullia Manli Higashi Capelato, Erika Effect financial competence in investment decisions: a case study in the light of the Prospectus Theory |
| title | Effect financial competence in investment decisions: a case study in the light of the Prospectus Theory |
| title_full | Effect financial competence in investment decisions: a case study in the light of the Prospectus Theory |
| title_fullStr | Effect financial competence in investment decisions: a case study in the light of the Prospectus Theory |
| title_full_unstemmed | Effect financial competence in investment decisions: a case study in the light of the Prospectus Theory |
| title_short | Effect financial competence in investment decisions: a case study in the light of the Prospectus Theory |
| title_sort | effect financial competence in investment decisions: a case study in the light of the prospectus theory |
| topic | Prospect Theory Expected Utility Theory Financial Competence Teoria do Prospecto Teoria da Utilidade Esperada Competência Financeira |
| url | https://periodicos.fclar.unesp.br/iniciativa/article/view/9995 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/64948 |