Behavioral Biases of Retail Investors : Quantitative Behavioral Finance Analysis and Application

Abstract

Se estudian los principales sesgos que afectan a los inversores de retail. Para estudiar el verdadero comportamiento de los inversores se abandona la idea de que son completamente racionales. Los sesgos se pueden medir mediante modelos estadísticos y estos modelos se aplican a una amplia base de datos. Se estudian correlaciones entre los sesgos y el rendimiento de las inversiones de los inversores de retail. Se propone una herramienta que diagnostica y ayuda a corregir los sesgos con el propósito de educar y ayudar a corregir el comportamiento no deseado de estos inversores.

Behavioral finance deviates from financial academia mainly through the absence of one of the main assumptions in financial and economic models, rational decision making. By entertaining the idea that our human nature can, at times, interfere with our ability to make rational decisions. This investigation attempts to analyze and understand where a real investor would be at a disadvantage in financial markets when compared to a perfectly rational actor. With statistical models this paper will search for evidence of areas where humans are particularly vulnerable and then try to explain the deviation from rationality through examples of natural or learned behavior.