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Abstract(s)
A forma como são estudadas as decisões financeiras tem evoluído muito ao longo dos últimos
anos. A área das finanças comportamentais tem sido a responsável por uma boa parte dessa
evolução ao propor uma visão mais realista do processo de tomada de decisão pelos
investidores e outros agentes económicos. A Teoria do Prospeto e a Teoria Cumulativa do
Prospeto propostas por Kahneman e Tversky, onde sobressai o conceito de aversão à perda,
são a base das finanças comportamentais, apresentando-se como um modelo alternativo à
Teoria da Utilidade Esperada de Von Neumann e Morgenstern. Neste sentido, esta nova
perspetiva tem permitido compreender muitas das questões ainda em aberto nas finanças e
constitui, hoje em dia, um dos mais dinâmicos e promissores campos de estudo nas ciências
económicas. Este trabalho tem como objetivo estudar os comportamentos dos indivíduos
perante situações de risco e incerteza. Identificaram-se alguns indícios da influência do
género nas escolhas dos indivíduos face ao risco (que são escassos no caso da influência da
faixa etária e da experiência académica e profissional). Foram detetados altos níveis de
aversão à perda entre os indivíduos, em geral, não se encontrando diferenças significativas
entre grupos com diferentes experiências académicas e profissionais.
The way financial decisions are studied has evolved a lot over the last few years. The field of behavioral finance has been responsible for a good part of this evolution by proposing a more realistic view of the decision-making process of investors and other economic agents. The Prospect Theory and Cumulative Prospect Theory proposed by Kahneman and Tversky, where the concept of loss aversion stands out, are the basis of behavioral finance, presenting themselves as alternative models to the expected utility theory of Von Neumann and Morgenstern. In this sense, this new perspective has allowed us to understand many of the unsolved issues in finance and is, today, one of the most dynamic and promising fields of study in economics. This work aims to study the behavior of individuals facing risk and uncertainty. We have found some evidence of the influence of gender on the choices of individuals towards risk (which are scarce in the case of the influence of age and academic and professional experience). High levels of loss aversion among individuals were found, in general, but we did not find statistically significant differences in loss aversion levels between groups with different academic and professional backgrounds.
The way financial decisions are studied has evolved a lot over the last few years. The field of behavioral finance has been responsible for a good part of this evolution by proposing a more realistic view of the decision-making process of investors and other economic agents. The Prospect Theory and Cumulative Prospect Theory proposed by Kahneman and Tversky, where the concept of loss aversion stands out, are the basis of behavioral finance, presenting themselves as alternative models to the expected utility theory of Von Neumann and Morgenstern. In this sense, this new perspective has allowed us to understand many of the unsolved issues in finance and is, today, one of the most dynamic and promising fields of study in economics. This work aims to study the behavior of individuals facing risk and uncertainty. We have found some evidence of the influence of gender on the choices of individuals towards risk (which are scarce in the case of the influence of age and academic and professional experience). High levels of loss aversion among individuals were found, in general, but we did not find statistically significant differences in loss aversion levels between groups with different academic and professional backgrounds.
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Keywords
Aversão à Perda Finanças Comportamentais Teoria Cumulativa do Prospeto Teoria do Prospeto