La irrupción de las finanzas conductuales

The hypothesis of rationality is questioned as a key element of investment decision making. Different authors include premises of psychology and other social sciences which qualify the behavior of the economic agents. Financial decisions are understood as complex, personal and social processes. The decision making process is affected by the environment, guided by subjective assessment methods and cognitive prejudices, penalized by the lack of knowledge and, above all, influenced by the psychological asymmetry of the losses against the gains. Behavioral finance is set up as a descriptive paradigm of the behavior of human beings when having to make decisions on investments.