PDF (Español (España))
FLIP
html (Español (España))
XML (Español (España))
This journal is licensed by a Creative Commons Attribution License (CC BY-NC-SA 4.0) Attribution-Non Commercial 4.0 International. For the CC licenses, the principle isthe creative freedom. This system complements the copyright without opposing it, conscious of its importance in our culture. The content of the articles is the responsibility of each author, and does not compromise in any way, to the journal or the university. It allows the transmission and reproduction of titles, abstracts and full content, with academic, scientific, cultural ends, provided acknowledgment of the respective source. This work cannot be used for commercial purposes.
They journal does not charge authors for submission or publication.
Abstract
Behavioral finance challenges assumptions of rationality in financial decision-making, since it assumes that the way in which information is presented determines decisions. The objective of this research is to study the influence of aspects such as the level of education and gender on financial decision-
making. To do this, the seminal experiment of Kahneman and Tversky (1979) is replicated with 600 students from a Colombian university. The data collected is analyzed using: 1) the independence test 2; 2) the Kruskal-Wallis non-parametric test; and 3) the non-parametric Mann-Whitney test. The results evidence the application of prospect theory in financial decision-making, showing an independence of decisions based on the grouping variables used. It was also found that women have a greater risk aversion and that the level of education does not influence financial decisions.
References
Aguiar, F. (2004). Teoría de la decisión e incertidumbre: modelos normativos y descriptivos. Empiria: Revista de Metodologia de Ciencias Sociales, 8, 139-160. doi:10.5944/empiria.8.2004.982
Al-Nowaihi, A. y Dhami, S. (2010). Composite Prospect Theory: A proposal to combine ‘prospect theory’ and ‘cumulative prospect theory’. Leicester: University of Leicester.
Bellé , N., Cantarelli, P. y Belardinelli, P. (2018). Prospect Theory goes public: Experimental evidence on cognitive biases in public policy and management decisions. Public Administration Review, 78(6), 828-840. https://doi.org/10.1111/puar.12960
Bernoulli, D. (1738). Specimen theoriae novae de mensura sortis. Commentarii academiae scientiarum imperialis. Petropolitanae, 5, 175-192.
Birnbaum, M. (2017). Empirical evaluation of third-generation prospect theory. Theory and Decision, 84, 11-27. https://doi.org/10.1007/s11238-017-9607-y
Bogan, V., Just, D. y Dev, C. (2013). Team gender diversity and investment decisioin-making behavior. Review of Behavioral Finance, 5(2), 134-152. https://doi.
org/10.1108/RBF-04-2012-0003
Bruhin, A., Fehr‐Duda, H. y Epper, T. (2010). Risk and Rationality: Uncovering Heterogeneity in Probability Distortion. Econometrica, 78(4), 1375-1412. https://doi.org/10.3982/ECTA7139
Caci, H. (1999). KWALLIS2: Stata module to perform Kruskal-Wallis Test for equality of populations. Boston: Boston College, Department of Economics., Statistical Software Components S379201.
Cruciani, C. (2017). Investor decision-making and the role of the financial advisor: A behavioural finance approach. Venice: Palgrave Macmillan.
Da Silva, R. F., Lagiola, U. C. y Rodrigues, R. N. (2009). Finanças comportamentais: um estudo comparativo utilizando a teoria dos prospectos com os alunos de graduacao do curso de ciencias contábeis. Revista Brasileira de Gestao de Negócios, 11(33), 383-403. https://www.scielo.br/pdf/rbgn/v11n33/1983-0807-rbgn-11-33-383.pdf
Daniel, K., Hirshleifer, D. y Teoh, S. (2002). Investor psychology in capital markets: Evidence and policy implications. Journal of Monetary Economics, 49(1), 139-209. https://doi.org/10.1016/S0304-3932(01)00091-5
Durand, R., Newby, R., Tant, K. y Trepongkaruna, S. (2013). Overconfidence, overreaction and personality. Review of Behavioral Finance, 5(12), 104-133. https://doi.org/10.1108/RBF-07-2012-0011
Genelhu , H. y da Silveira, L. (s.f.). Academic performance and Prospect Theory: An empirical study of decision behavior. Revista de Administração Contemporânea, 71(1), 64-82. https://doi.org/10.1590/S1415-65552013000100005
González, R. (1999). On the shape of the probability weighting function. Cognitive Psychology, 38(1), 129-166. https://doi.org/10.1006/cogp.1998.0710
Häckel , B., Pfosser, S. y Tränkler, T. (2017). Explaining the energy efficiency gap - Expected Utility Theory versus Cumulative Prospect Theory. Energy Policy, 111, 414-426. https://doi.org/10.1016/j.enpol.2017.09.026
Harsanyi, J. (1967). Games with incomplete information played by “Bayesian” Players, I–III Part I. The Basic Model. Management Science, 14(3), 159-182.
Harzer, J. H., Maffezzolli, E. C., Souza, A. y Vieira da Silva, W. (2016). Influence of level of study and gender on risk aversionand loss according to Prospect Tehory. Systems & Management, 11(4), 355-366. https://doi.org/10.20985/1980-5160.2016.v11n4.625
Hirshleifer, D. (2015). Behavioral Finance. Annual Review of Financial Economics, 7(1), 133-159. https://doi.org/10.1146/annurev-financial-092214-043752
Kahneman, D. (2003). Maps of bounded rationality: Psychology for Behavioral Economics. American Economic Review, 93(5), 1449-1475. https://doi.org/10.1257/000282803322655392
Kahneman, D. y Tversky, A. (1979). Prospect Theory: An analysis of decision under risk. Econometrica, 47(2), 263-292. https://doi.org/10.2307/1914185
Kahneman, D., Slovic, P. y Tversky, A. (1982). Judgement under uncertainly: Heuristics and biases. Nueva York: Cambridge University Press.
Kraska-Miller, M. (2014). Nonparametric statistics for Social and Behavioral Sciences. Boca Raton: Taylor & Francis Group.
Ladrón de Guevara Cortés, R., Madrid Paredones, R. M. y Ladrón de Guevara Domínguez, R. (2019). Estudio empírico sobre la aplicación del Behavioral Finance en estudiantes del área técnica de la Universidad Veracruzana. Estocástica: Finanzas y Riesgo, 9(1), 63-96.
Laerd Statistics. (2015). Kruskal Wallis H test using Stata. Statistical tutorials and software guides. https://statistics.laerd.com/premium/spss/mwut/mann-whitney-test-in-spss.php
Laerd Statistics. (2018). Kruskal Wallis H test using Stata. Statistical tutorials and software guides. https://statistics.laerd.com/stata-tutorials/kruskal-wallis-h-test-using-stata.php
Levin, R. y Rubi, D. (2004). Estadística para administración y economía. Ciudad de México: Pearson Educación.
Lude, M. y Prügl, R. (2018). Risky decisions and the family firm bias: An experimental study based on Prospect Theory. Entrepreneurship Theory and Practice. Entrepreneurship Theory and Practice, 43(2), 386-408. https://doi.org/10.1177/1042258718796078
Marinho, R., Teixeira, U., Veloso, C. y Rodrigues, R. (2009). Behavioral Finance: A comparative study using the prospect theory at the undergraduate course in accountancy. Revista Brasileira de Gestão de Negócios, 11(33), 383-403. https://doi.org/10.7819/rbgn.v11i33.432
Melo, C. y Silva, C. A. (2010). Finanças comportamentais: um estudo da influência da faixa etária, gênero e ocupação na aversão à perda. Revista de Contabilidade e Organizaoes, 4(8), 3-23. https://doi.org/10.11606/rco.v4i8.34756
Nash, J. (1951). Non-Cooperative Games. The Annals of Mathematics, 54(2), 286-295. https://doi.org/10.2307/1969529
Nigam, R. M., Srivastava, S. y Banwet, D. K. (2018). Behavioral mediators of financial decision making - A state-of-art literature review. Review of Behavioral Finance, 18(1), 2-41. https://doi.org/10.1108/RBF-07-2016-0047
Pearl, J. (2016). The Sure-Thing Principle. Journal of Causal Inference, 4(1), 81-86. https://doi.org/10.1515/jci-2016-0005
Rieger, M., Wang , M. y Hens , T. (2017). Estimating cumulative prospect theory parameters from an international survey. Theory and Decision, 82, 567-596. https://doi.org/10.1007/s11238-016-9582-8
Ritter, J. (2003). Behavioral Finance. Pacific-Basin Finance Journal, 11(4), 429-437. https://doi.org/10.1016/S0927-538X(03)00048-9
Savage, L. (1954). The foundations of statistics. Nueva York: Dover Publications.
Selten, R. (1975). Reexamination of the perfectness concept for equilibrium points in extensive games. International Journal of Game Theory, 4(1), 25-55. https://doi.org/10.1007/BF01766400
Simon, H. A. (1955). A behavioral model of rational choice. The Quarterly Journal of Economics, 27(4), 779-799. https://doi.org/10.2307/1884852
Tversky, A. y Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124-1131. https://doi.org/10.1126/science.185.4157.1124
Viale, R. (2005). Le nuove economie. Dall’economia evolutiva a quella cognitiva: oltre i fallimenti della teoria neoclassica. Milán: Il Sole 24 Ore.
Von Neumann, J. y Morgenstern, O. (2004/1944). Theory of games and economic behavior.
Oxford: Princeton University Press.
Zhou, X., Wang, L., Liao, H., Wang, S., Lev, B. y Fujita, H. (2018). A prospect theory-based group decision approach considering consensus for portfolio selection with hesitant fuzzy information. Knowledge-Based Systems, 168(15), 28-38. https://doi.org/10.1016/j.knosys.2018.12.029
##submission.citations.for##
