As finanças comportamentais e o processo de decisão no mercado financeiro brasileiro

Abstract

This research shows investment simulations done with graduate students, MBA students, financial executives and doctors, indicating that the process of making investment decisions is based on the Behavioral Economics theory which uses the fundamental aspects of the Prospect Theory developed by Kahneman and Tversky (1979). The following effects have been testified and identified using an investment simulator in the Internet. 1) endowment, that makes the participants not to sell the received assets, no matter better investment options are available; 2) disposition, that refers to the pattern that people avoid realizing paper losses and seek to realize paper gains; 3) avoiding regret, that makes the participant to invest in rejected assets in the past that had good valorization and 4) framing, that modifies the investment decision depending of problem prospect. The conclusions of this reaserch were: 1) the endowment was effective for financial executives and doctors; 2) the disposition affected only graduate students; 3) the avoiding regret influenced the decisions of MBA students and financial executives, and 4) the framing modified the decisions of doctors, graduate and MBA students.