Economia comportamental e mercado financeiro: processos heurísticos presentes na tomada de decisão dos investidores em renda variável

Abstract

Economic theory considers agents to be rational people with ample capacity to process information in all choices, thus, it has the financial market as efficient. However, there are experimental studies that contradict the aforementioned theory, since they prove the influence of emotions and habits in financial decision-making. These scholars seek to combine economics with psychology to analyze these decisions and maintain that they can be influenced by heuristics and biases. From then on, behavioral economics and behavioral finance emerged. This research is justified based on the studies by Kahneman and Tversky (1974), where the authors approach that individuals are influenced by the environment in which they find themselves when faced with an uncertain choice, because their decisions can be made easiest way by thinking shortcuts called heuristics. From the biggest fluctuation in the value of variable income assets, the following research problem arises: how does behavioral economics explain fluctuations in the decision making of investors in variable income? This research has as general objective to carry out a bibliographic review from the perspective of behavioral economics on heuristic processes present in the decision making of investors in variable income, aims, in a specific way, to present the processes that can induce the investor to error, describe how the heuristics influence the behavior of people who own variable income assets and examine how emotions affect the financial conduct of these investors when buying and selling their assets. The research is developed under an exploratory and descriptive theoretical methodological character, making use of a wide literary collection of authors who address the theme. Given the above, it was found, through the experiments presented, the presence of heuristics and bias in the decision making of investors in variable income, it was also noticed that there are two ways of thinking, one fast and the other slow (systems 1 and 2 ), system 1 being responsible for cognitive errors (heuristics and biases), in addition it was noted that investors consider the past price of shares when buying new shares, as well as that these investors have their forecasts as valid and confuse luck with skill.