Matemáticas para finanzas irracionalesuna aproximación a los sesgos en la toma de decisiones financieras.

  1. Llorent Jurado, Julián
  2. Melgar Hiraldo, María del Carmen
  3. Ordaz Sanz, José Antonio
  4. Guerrero Casas, Flor María
Anales de ASEPUMA

ISSN: 2171-892X

Year of publication: 2019

Issue: 27

Type: Article

More publications in: Anales de ASEPUMA


The psychologists Tversky and Kahneman in their prospect theory, deserving for Economics Nobel Prize in 2002, found individuals are risk averse to profits situations, but they are risk seekers in losses events. This happens because the fear of loss acts emotionally and not rationally. Mathematically they postulated the existence of two functions in decision-making, the value function and the weighting function, developing an approximation to the utility function different from classical theory of the expected utility stated by Bernoulli. Under this approach, the weighting of the decision is not given by a rational probability but by the perception of probability of occurrence of events, on which biases may appear. This paper presents an approach to the most common biases in financial decision making and how the use of heuristics in mathematics can lead to non-rational choices.

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