Behavioural Finance and Investment Decision Making: A Bibliometric Perspective from 2002 to 2024

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Abhishek Mishra, Lav Tripathi, Sonali Jaiswal

Abstract

Behavioural finance is an emerging area that combines knowledge from psychology and economics to comprehend the psychological aspects that impact how people make investment choices. In this paper, our goal is to present a bibliometric examination of the trends in behavioural finance research spanning from 2002 to 2024. It emphasizes the increasing significance of behavioural models in clarifying investment anomalies that traditional finance theories do not adequately explain, including phenomena like overreactions, underreactions, and herd behaviour. By extracting information from the Scopus database, the analysis investigates the progression of behavioural finance research, pinpointing essential topics such as overconfidence, loss aversion, and herding, and how these affect asset valuation and investment tactics. The study identifies prominent authors, journals, and emerging research fields by using the bibliometric tool VosViewer to display the co-citation networks, collaboration patterns, and keyword occurrences. The findings show a notable increase in publications after 2013, suggesting that behavioral finance is becoming more widely recognized for its importance in academic and real-world financial contexts. The research concludes by promoting the incorporation of behavioural insights into financial modelling and proposes directions for future investigations, such as cross-cultural studies and interdisciplinary partnerships to improve understanding of worldwide investment behaviours.

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How to Cite
Abhishek Mishra. (2024). Behavioural Finance and Investment Decision Making: A Bibliometric Perspective from 2002 to 2024. European Economic Letters (EEL), 14(4), 1551–1562. https://doi.org/10.52783/eel.v14i4.2287
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