search query: @author Olsen, R. A. / total: 2
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| Author: | Olsen, R. A. |
| Title: | Professional Investors as Naturalistic Decision Makers: Evidence and Market Implications |
| Journal: | Journal of Psychology and Financial Markets
2002 : VOL. 3:3, p. 161-167 |
| Index terms: | INVESTMENT INVESTORS DECISION MAKING |
| Language: | eng |
| Abstract: | This paper is the first to examine investment decision- making from a naturalistic decision perspective. Naturalistic decision procedures tend to be used by experts making decisions in complex, ill-structured, and indeterminate situations. Survey results indicate that investment professionals, like other naturalistic decision- makers, rely heavily on mental imagery, reasoning by analogy, and decision procedures that become more intuitive as complexity increases. Also, they are "satisficers," not optimizers. In other words, their primary aim is to make an acceptable choice; finding the best choice is not necessary. Clinical training is recommended to improve the performance of investment professionals. |
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