reality and are caused by limited cognitive capacities of decision-makers. By analysing cognitive biases, the paper aims to …

biases that can affect investors' behaviour and risk perception, and a demonstration of risk understanding approaches. The … problem, or cognitive bias, which may be the result of erroneous heuristics. Furthermore, the author found that investor …'s demographic characteristics, such as age, marital status or education, have a direct impact on his behaviour. The concept of risk …

methodology, we conducted a laboratory experiment that allowed us to isolate behavioral biases and personality traits and measure … their influence on investors' decision-making processes. The participants filled out questionnaires containing two parts: 1 …

-rational inferences, drive herd behavior. In Experiment 1, unobserved, whose actions remain private, learn from the public actions made in …