风险认知是启发式偏差的预测因素:性别和年龄的作用

IF 2.5 Q2 ECONOMICS
Shashank Kathpal, Asif Akhtar, Syed Khusro Chishty, Farrukh Rafiq
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引用次数: 0

摘要

本文分析了投资者的风险认知、启发式偏差(过度自信、代表性、可得性偏差和锚定偏差)之间的关系,以及性别和年龄的调节作用。从文献中可以明显看出,投资者的风险认知会影响投资者的理性,因此本研究探讨了风险认知对心理捷径或启发式决策的影响。作者使用自制问卷收集了 447 名个人投资者的数据,以调查所提出的现象。在确认所获数据的有效性和可靠性后,我们采用结构方程模型来评估风险认知与启发式偏差之间的关系。我们采用过程宏法仔细研究了性别和年龄对上述建构的调节作用。研究表明,风险认知会影响三种启发式偏差(即锚定偏差、代表性偏差和可得性偏差)。此外,研究结果表明,性别会调节风险认知与可得性偏差之间的关系。这项研究对个人投资者、投资顾问和政策制定者都有帮助。投资顾问可以深入了解客户所走的不同心理捷径,从而为他们提供适当的指导。政府和相关政策制定者可以深入了解理性投资决策的障碍,以确保对股市的正确评价。本研究有助于了解投资者的风险认知对决策启发式的影响,以及性别和年龄在这一现象中的调节作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Risk Perception as a Predictor of Heuristic Biases: The Role of Sex and Age

Risk Perception as a Predictor of Heuristic Biases: The Role of Sex and Age

This paper analyzes the relationship between investors’ risk perception, heuristic biases (overconfidence, representativeness, availability bias, and anchoring bias), and the moderating role of sex and age. Since it is evident from the literature that investor risk perceptions affect investors rationally, the study explores the impact of risk perception on mental shortcuts or heuristic decision-making. The authors collected the data from 447 individual investors using a self-administered questionnaire to investigate the proposed phenomenon. After confirming the validity and reliability of the data obtained, we employed structural equation modeling to evaluate the relationship between risk perception and heuristic biases. We used process macro to scrutinize the moderating effect of sex and age in the mentioned constructs. The study demonstrates that risk perception affects three heuristic biases (i.e. anchoring, representativeness, and availability bias). Further, the outcome exhibits that the sex of a person moderates the relationship between risk perception and availability bias. The study could be helpful for individual investors, investment advisors, and policymakers. The investment advisor can gain insights into the different mental shortcuts their customers take to guide them appropriately. Governments and relevant policymakers can gain insights into the roadblocks to rational investment decisions to ensure the correct appraisal of the stock market. The present study fills the necessity to realize the effect of investors’ risk perception on decision-making heuristics and the moderating role of sex and age in the phenomenon.

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来源期刊
CiteScore
3.00
自引率
0.00%
发文量
34
期刊介绍: The current remarkable growth in the Asia-Pacific financial markets is certain to continue. These markets are expected to play a further important role in the world capital markets for investment and risk management. In accordance with this development, Asia-Pacific Financial Markets (formerly Financial Engineering and the Japanese Markets), the official journal of the Japanese Association of Financial Econometrics and Engineering (JAFEE), is expected to provide an international forum for researchers and practitioners in academia, industry, and government, who engage in empirical and/or theoretical research into the financial markets. We invite submission of quality papers on all aspects of finance and financial engineering. Here we interpret the term ''financial engineering'' broadly enough to cover such topics as financial time series, portfolio analysis, global asset allocation, trading strategy for investment, optimization methods, macro monetary economic analysis and pricing models for various financial assets including derivatives We stress that purely theoretical papers, as well as empirical studies that use Asia-Pacific market data, are welcome. Officially cited as: Asia-Pac Financ Markets
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