Journal
DECISION SUPPORT SYSTEMS
Volume 46, Issue 1, Pages 399-410Publisher
ELSEVIER
DOI: 10.1016/j.dss.2008.07.010
Keywords
Investment decision making; Cognitive biases; Decision support systems
Categories
Funding
- Natural Science and Engineering Research Council of Canada (NSERC)
- Canadian Securities Institute Research Foundation
- SEI Investments (Toronto)
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This research presents evidence that decision support systems can play an important role in debiasing behaviorally-challenged investors. An empirical study involving 119 participants provides strong evidence for the existence of cognitive biases in investment decision making and demonstrates the effectiveness of decision aids in lowering the negative impact of such biases on the ability of investors to make sound investment decisions. Additionally, such decision aids are shown to be more valuable in decision environments where the bias level is likely to be higher. (c) 2008 Elsevier B.V. All rights reserved.
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