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Advisor(s)
Abstract(s)
A motivação principal para a realização desta tese deveu-se em primeiro lugar à
curiosidade em perceber o que é a Economia Comportamental, por que motivo existe e
que desafios procura solucionar; em segundo lugar, a possibilidade de lidar na minha área
profissional com investidores com experiência nos Mercados Financeiros que podem
revelar, mesmo no próprio dia, comportamentos muito diferenciados.
Fruto do contexto socio-económico de crise que ainda persiste em Portugal, o
desafio a que me propus não só passou por perceber se os investidores são mais
ponderados, mas também se decidem melhor que os Leigos nos mercados financeiros,
especialmente quando estão na iminência de enfrentar desvios comportamentais.
O estudo traduziu-se em 3 experiências distintas, através de um questionário
realizado a indivíduos com experiência nos mercados financeiros, envolvendo 3 desvios
comportamentais. As descobertas responderam alguma forma às questões que haviam
sido levantadas e mostram que a experiência não torna as pessoas mais desumanas ou,
desprovidas de emoções (sobretudo quando está dinheiro envolvido).
A descoberta mais relevante deste estudo foi ter percebido que quando se descreve
um problema de um modo mais intenso ou com maior impacto emocional, as pessoas
ficam mais sensíveis a resolvê-lo. Isto poderá ser uma vertente a explorar por parte das
Organizações sem Fins Lucrativos, na tentativa de angariar mais fundos.
As ilações a retirar desta investigação vão desde o facto de os participantes terem
sido influenciados apenas pelo sentido dos valores de referência, envidarem mais esforços
para se proteger de perdas do que arriscar ganhos maiores, e doarem mais dinheiro a um
grupo de crianças do que a uma única criança. As limitações desta investigação
prenderam-se sobretudo com a dificuldade em encontrar mais indivíduos que
preenchessem o requisito de ter experiência nos mercados financeiros, e a falta de
estrutura para formular questões que envolvessem dinheiro real.
The primary motivation for the completion of this thesis is firstly due by the curiousity to figure out what in fact Behavioral Economics are, the reason for their existence and what challenges do they try to tackle; secondly, the chance to dealin my professional area with Experienced Investors in financial markets that reveal, even on the same day, very different behaviors. As a result of the socio-economic context of the crisis that still persists in Portugal, the challenge that I set out to was not only to observe whether investors are more rational, but also if they decide better than Lay people in financial markets, especially when on the verge of facing behavioural biases. The method used for solving this challenge was achieved via a questionnaire made to investors that have their own portfolios of securities or individuals with experience in financial markets. The findings, in some way, have answered to the questions that had been raised and show that experience does not turn people more inhuman or, devoid of emotions (especially when money is involved). The most significant discovery of this research was that when a problem is described in a more violent and aggressive way, people become more sensitive to solve it. This could be a chance to explore by nonprofitable organisations, in order to raise more funds. The conclusions from this research go from the fact that the participants were not affected by random anchors, made more efforts to protect themselves from losses than risking to obtain larger gains, and donate more money to a group of children than to a properly iddentified child. The limitations of this research had to do mainly with difficulties in finding more people that would fulfill the necessary requirements of financial expertise and the lack of structure to formulate questions involving real money.
The primary motivation for the completion of this thesis is firstly due by the curiousity to figure out what in fact Behavioral Economics are, the reason for their existence and what challenges do they try to tackle; secondly, the chance to dealin my professional area with Experienced Investors in financial markets that reveal, even on the same day, very different behaviors. As a result of the socio-economic context of the crisis that still persists in Portugal, the challenge that I set out to was not only to observe whether investors are more rational, but also if they decide better than Lay people in financial markets, especially when on the verge of facing behavioural biases. The method used for solving this challenge was achieved via a questionnaire made to investors that have their own portfolios of securities or individuals with experience in financial markets. The findings, in some way, have answered to the questions that had been raised and show that experience does not turn people more inhuman or, devoid of emotions (especially when money is involved). The most significant discovery of this research was that when a problem is described in a more violent and aggressive way, people become more sensitive to solve it. This could be a chance to explore by nonprofitable organisations, in order to raise more funds. The conclusions from this research go from the fact that the participants were not affected by random anchors, made more efforts to protect themselves from losses than risking to obtain larger gains, and donate more money to a group of children than to a properly iddentified child. The limitations of this research had to do mainly with difficulties in finding more people that would fulfill the necessary requirements of financial expertise and the lack of structure to formulate questions involving real money.
Description
Keywords
Economia comportamental Ancoragem Teoria da prospecção Efeito vítima identificada Experiência Decisão Behavioural economics Anchoring Identifiable victim effect Prospect theory Experience Decision