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Abstract(s)
A tomada de decisão dos investidores tem sido analisada ao longo dos anos, por filósofos e matemáticos fascinados pelas Finanças Comportamentais. O perfil do investidor a sua tolerância ao risco e a homogeneização das suas expectativas tem vindo a ser o objetivo de explicação dos estudos recentes relacionados com este tema. Assim nasceram as Finanças Comportamentais, contrastando-se à pura racionalidade dos modelos tradicionais, e pelo envolvimento de áreas não tão objetivas como a Psicologia.
O objetivo do presente estudo é o de concluir se a teoria clássica da economia, que defende que os intervenientes nos mercados financeiros agem sempre de forma racional e tomam as suas decisões numa base calculada e ponderada, pode ser refutada pela ideia de que os agentes económicos são seres humanos, como tal, propensos a erros, por se deixarem levar por sentimentos e pelo que os faz mais felizes, implicando, por vezes, à tomada de decisões irracionais. Nesta linha de pensamento, os modelos económicos não consideram todas as variáveis relevantes. Tem-se como intuito principal com o presente estudo a obtenção de
conhecimento sobre os fatores que têm maior influência na tomada de decisão dos investidores. Os fatores referidos, têm como base as heurísticas do estudo feito em 1979 por Amos Tversky e Daniel Kahneman. Para tal, procedeu-se com a realização de um inquérito por questionário através da plataforma Google Forms, partilhado no linkedin e enviado por email a instituições financeiras.
Investor decision making has been analyzed over the years by philosophers and mathematicians fascinated by Behavioral Finance. The profile of investors, their tolerance for risk and the homogenization of their expectations has been the objective of explanation in recent studies related to this topic. Thus, they were born as Behavioral Finance, in contrast to the pure rationality of traditional models, and by the involvement of areas not as objective as Psychology. The main idea of this study is to understand whether the classical theory of economics, which argues that financial market participants always act rationally and make their decisions on a calculated and weighted basis, can be refuted by the idea that economics agents are human beings, as such, prone to mistakes, because they let themselves be carried away by feelings and what makes them happier, implying, at times, the taking of irrational decisions. In this line of thought, economic models do not consider all relevant variables. The main purpose of this study is to obtain knowledge about the factors that have the greatest influence on investors decision-making. The aforementioned factors are based on the heuristics of the study carried out in 1979 by Amos Tversky and Daniel Kahneman. For this purpose, a survey was carried out using a questionnaire, using the Google Forms platform, shared on Linkedin and by e-mail to financial institutions, with the aim of reaching investors.
Investor decision making has been analyzed over the years by philosophers and mathematicians fascinated by Behavioral Finance. The profile of investors, their tolerance for risk and the homogenization of their expectations has been the objective of explanation in recent studies related to this topic. Thus, they were born as Behavioral Finance, in contrast to the pure rationality of traditional models, and by the involvement of areas not as objective as Psychology. The main idea of this study is to understand whether the classical theory of economics, which argues that financial market participants always act rationally and make their decisions on a calculated and weighted basis, can be refuted by the idea that economics agents are human beings, as such, prone to mistakes, because they let themselves be carried away by feelings and what makes them happier, implying, at times, the taking of irrational decisions. In this line of thought, economic models do not consider all relevant variables. The main purpose of this study is to obtain knowledge about the factors that have the greatest influence on investors decision-making. The aforementioned factors are based on the heuristics of the study carried out in 1979 by Amos Tversky and Daniel Kahneman. For this purpose, a survey was carried out using a questionnaire, using the Google Forms platform, shared on Linkedin and by e-mail to financial institutions, with the aim of reaching investors.
Description
Mestrado em Análise Financeira
Keywords
Teoria clássica Tomada de decisão Mercados financeiros Finanças comportamentais Classical theory Decision maker Financial markets Behavioral finances
Citation
Marques, A. F. B. (2022) A expectativa e tomada de decisão dos investidores. (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/17328