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Individual Differences in Investor Decision-making: Examining Representativeness Heuristics and Cognitive Reflection | ||
Iranian Journal of Accounting, Auditing and Finance | ||
مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 02 خرداد 1402 اصل مقاله (1.18 M) | ||
نوع مقاله: Original Article | ||
شناسه دیجیتال (DOI): 10.22067/ijaaf.2023.81654.1310 | ||
نویسندگان | ||
Ruhollah Amareh1؛ Esfandyar Malekian* 2؛ hossein fakhari2 | ||
1Department of Accounting, Faculty of Economics and Administrative Sciences, University of Mazandaran, Babolsar, Iran. | ||
2Department of Accounting, Faculty of Economics and Administrative Sciences, University of Mazandaran, Babolsar, Iran | ||
چکیده | ||
Investors often utilize mental shortcuts to make quick judgments due to limited cognitive resources. This study examines the impact of representativeness heuristics (Conjunction Fallacy, Gambler's Fallacy, and Stereotypes) and the Cognitive Reflection Test (CRT) on investor decision-making. The population of this study consists of a sample of investors in the Tehran Stock Exchange. The study employs a Chi-Square test (χ^2) to explore the relationship between heuristics and CRT, along with T-tests, one-way ANOVA, and correlation analyses to identify individual differences. Results indicate that proper utilization of cognitive resources can partially prevent the Conjunction Fallacy from occurring. Moreover, investors tend to consider the high probability of consecutive results for an event regardless of cognitive resource usage. Interestingly, this study also found that investors with lower CRT scores made decisions less influenced by stereotypes. We conclude that reducing the impact of representativeness heuristics can be achieved through knowledge and experience gained from similar situations and appropriately utilizing cognitive resources. | ||
کلیدواژهها | ||
Representativeness Heuristic؛ Conjunction Fallacy؛ Gambler’ s Fallacy؛ Stereotypes؛ and CRT | ||
آمار تعداد مشاهده مقاله: 53 تعداد دریافت فایل اصل مقاله: 58 |