bias to be unsystematic so it cancels out when aggregated across investors. However, because of holding under …

behavioural biases such as representativeness, self-serving, overconfidence, loss aversion, and hindsight bias. Using data … overconfidence bias are positively related to financial literacy. Furthermore, some biases exhibit a stronger quantitative … relationship with financial literacy than others. For example, hindsight bias displays the strongest link to financial literacy …