Area de Estudios en Comportamiento y Toma de Decisiones en Finanzas

El conocimiento y la actividad intelectual ayudan a mejorar la calidad de vida y a que los seres humanos puedan tomar mejores decisiones. Entendiendo que las finanzas tienen como objetivo una elección intertemporal del individuo de un perfil de consumo por medio de una cartera de productos en términos de eficiencia en riesgo y retornos, y que dicha elección implica la toma de decisiones, con todo el equipaje de interpretación de la realidad y sesgos en los aspectos cognitivos, es que en el ámbito del Departamento de Finanzas se ha decidido crear con el aporte de un grupo de profesores un área de estudios que se enfoca en la literatura sobre comportamiento humano, teoría de la decisión y sesgos cognitivos aplicados a las finanzas.

El área se dedicará a agrupar este entusiasmo, canalizar inquietudes, organizar seminarios y reuniones de trabajo sobre el tema, enriquecer y exhibir bibliografía que se vaya recopilando y que actúe como referencia, replicar experimentos que hayan sido realizados y canalizar actividades de investigación de quienes estudian el tema.

Los objetivos del área de estudios se encuentran dirigidos a agrupar profesores, graduados, alumnos e investigadores que comparten el entusiasmo por el estudio del comportamiento, incluyendo enfoques de neurociencias y de marketing, en lo que respecta a decisiones de consumidores.

Responsable del area

Profesor Ricardo Schefer

Integrantes

Profesor Sergio Olivo
Profesor Mariano Kruskevich
Profesor Emilio Picasso
Profesor Jose P Dapena

Libros Recomendados

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How We Know What Isn't So by Thomas Gilovich Published in 1991, this was the very first behavioral finance book I ever read — it is also one of the most influential investing books you will ever read. So many of our own foibles are detailed here that it is almost embarrassing. Everything from unsuspected biases to how we engage in critical reasoning comes under scrutiny. What it reveals isn't pretty. Despite the genius that is human achievement, it turns out that we are all very poor at comprehending complex data and analyzing risk.

This book will help you understand how your brain processes randomness; overlooks evidence that is inapposite to prior beliefs; selectively perceives and reinterprets data; and engages in selective recall. It's how we all create an artificial story line to help make sense of otherwise incomprehensible data.

Once you finish this book, you will never look at investing the same way.

tapa

Extraordinary Popular Delusions & the Madness of Crowds de Charles Mackay.
If you want to see how cognitive and reasoning deficits manifest themselves, then the seminal book on the subject is Extraordinary Popular Delusions & the Madness of Crowdsby Charles Mackay. There have been a lot more booms and busts then you imagine. This book details how they came about and their impact throughout history. Fascinating and instructive stuff.

First published in 1841, this book remains a classic.

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Wait: The Art and Science of Delay de Frank Partnoy Has been described as "counterintuitive and insightful."
The book weaves together a fascinating series of research findings and scientific studies in the fields of cognitive science, bio-mechanics, and psychology to create this fascinating book.

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The Winner's Curse: Paradoxes and Anomalies of Economic Life de Richard H. Thaler.
Hard-core fans of cognitive biases and economic anomalies (and other similar type of analyses) will also appreciate Richard H. Thaler's The Winner's Curse. Thaler is one of the most influential researchers in the field of behavioral economics.

tapa


The Art of Contrary Thinking de Humphrey B. Neill.
Once you understand how our brains fool us into occasionally doing idiotic things — funny, but it seemed perfectly reasonable at the time — then you can start looking for ways to avoid making those gaffes. Humphrey Neill's Art of Contrary Thinking will show you the way. He explains why "When everyone thinks alike, everyone is wrong." This intriguing thesis applies not only to markets, but to politics, academia, even sports.

Tapa

Behavioral Finance and Investment Management

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Nudge de Richard Thaler y Cass Sunstein

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Predictably Irrational de Dan Ariely.
Dan Ariely, a professor of behavioral economics at Duke University, presents examples of cognitive illusions that help illustrate why humans make predictably irrational decisions.

Papers

Cognitive neuroscientific foundations of economic behavior
Malcolm Baker y Aldo Sesia Jr. Finanzas Conductuales en JP Morgan

Fear and Greed in Financial Markets: A Clinical Study of Day-Traders
Andrew Lo, Dimitry Repin and Brett Steenbarger

Investment and abandonment decisions in the presence of imperfect aggregation of information
José P. Dapena Universidad del CEMA, working paper 362 Dic-07

Sobre burbujas de precios de activos, expectativas y equilibrios
José P. Dapena Universidad del CEMA, working paper 361 Dic-07

Using Behavioral Finance to Better Understand the Psychology of Investors
Charles Wallace

A Dozen Reflections on Life and Markets
Brett N. Steenbarger (http://www.brettsteenbarger.com/articles.htm)

Artículos y videos de interés

El mundial de futbol y la aversión a pérdidas
Blog de Dan Ariely. Julio de 2014.

"Usar el cerebro: Conocer nuestra mente para vivir mejor", es el libro que aborda la neurociencia
CNN, Chile. 9 de julio de 2014.

Neuroeconomists confirm Warren Buffett's wisdom: Brain research suggests an early warning signal tips off smart traders
Science Daily

Sitio de interés

Behavioural Finance
Investopedia Behavioral Finance
Wikipedia – Behavioral Finance
CFA Institute Behavioral Finance