Prospect theory, diversificação ingênua e propensão a risco de especialistas em mercado: evidência empírica no Brasil

• Ano de defesa: 2010
• Autor(a) principal: Ribeiro, Daniel Pires Campos
• Orientador(a): Lowenkron, Alexandre
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Teoria do prospecto; Finanças comportamentais; Diversificação ingênua; Heurística
• Palavras-chave em Inglês: Behavioral finance; Prospect theory; Naive diversification; Heuristic
• Link de acesso: https://hdl.handle.net/10438/7839

The Prospect Theory is one of the basis of Behavioral Finance and models the investor behavior in a different way than von Neumann and Morgenstern Utility Theory. Behavioral characteristics are evaluated for different control groups, validating the violation of Utility Theory Axioms. Naïve Diversification is also verified, utilizing the 1/n heuristic strategy for investment funds allocations. This strategy causes different fixed and equity allocations, compared to the desirable exposure, given the exposure of the subsample that answered a non constrained allocation question. When compared to non specialists, specialists in finance are less risk averse and allocate more of their wealth on equity.