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Abstract(s)
Segundo Lobão, “As finanças comportamentais preocupam-se em estudar quer a forma como as decisões dos agentes se afastam do previsto pelas finanças tradicionais quer as consequências da existência de agentes que tomam as suas decisões de forma não totalmente racional” (Lobão, 2012, p. 10).
Desta forma, ao longo desta dissertação, procurámos analisar se as decisões tomadas pelos agentes económicos são ou não afetadas por fatores psicológicos, tendo como certo que as finanças comportamentais defendem que sim e que, por isso, a forma como os indivíduos agem afasta-se da forma prevista pelas finanças racionais que nos diz que os indivíduos agem de forma totalmente racional.
Para conseguirmos analisar esta questão, replicámos um questionário, realizado na Tunísia em 2014, com o intuito de percebermos se os portugueses se afastam do comportamento defendido pelas finanças racionais, procurando ainda detetar quais os principais enviesamentos cognitivos e emocionais que levam ao afastamento do princípio da racionalidade completa defendido pelas finanças racionais.
Verificámos assim que os portugueses, assim como os tunisinos, são afetados por enviesamentos cognitivos aquando da tomada de decisão, sendo esta tomada de decisão mais influenciada pelos enviesamentos da aversão ao risco e da ancoragem.
According to Lobão, “Behavioral finances are focused on how agents decisions differ from the ones predicted by the traditional finances and also on the consequences of the existence of such agents whose decisions are not completely rational” (Lobão, 2012, p. 10). Over this thesis, we have studied wether the economical agents decisions are influenced or not by psychological factors, as stated by the behavioral finances that admit the diversion of individuals’ acts from those predicted by the rational finances, whose principle relies on the complete rationality of agents decisions. To analyse this matter we have replicated a questionnaire, first applied in Tunisia in 2014, with the intention of understanding if the behaviour of the portugueses deviates from that defended by the rational finances, while also looking to detect the main cognitives and emotionals biases that lead the agent to not decide according to the principal of complete rationality defended by the rational finances. We concluded that the portugueses, like the tunisians, are afected by cognitive biases when making decisions, being more influenced by risk aversion and ancorage biases.
According to Lobão, “Behavioral finances are focused on how agents decisions differ from the ones predicted by the traditional finances and also on the consequences of the existence of such agents whose decisions are not completely rational” (Lobão, 2012, p. 10). Over this thesis, we have studied wether the economical agents decisions are influenced or not by psychological factors, as stated by the behavioral finances that admit the diversion of individuals’ acts from those predicted by the rational finances, whose principle relies on the complete rationality of agents decisions. To analyse this matter we have replicated a questionnaire, first applied in Tunisia in 2014, with the intention of understanding if the behaviour of the portugueses deviates from that defended by the rational finances, while also looking to detect the main cognitives and emotionals biases that lead the agent to not decide according to the principal of complete rationality defended by the rational finances. We concluded that the portugueses, like the tunisians, are afected by cognitive biases when making decisions, being more influenced by risk aversion and ancorage biases.
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Keywords
Finanças omportamentais Indivíduos Tomada de decisões Enviesamentos Behavioral finances Decision taking Individuals Biases