Determining and Prioritizing Behavior Biases of Investors in Tehran Stock Exchange Market: a Fuzzy AHP Approach



Having knowledge about behavioral biases, investors are able to evaluate their decision process with more awareness and they can react much better when facing such biases, as a result decisions deviation will be minimized. In this study, 36 different behavioral biases have been categorized into 5 different groups to normalize the effective behavioral biases in the process of decision making of the investors in Tehran Stock Exchange Market. These biases have been normalized and prioritized through using the Fuzzy Analytical Hierarchy Process. In prioritizing the five groups, “cognitive” “emotional”, “unusual phenomena”, “Heuristic behaviors”, and “Errors of preference” groups were in the first to fifth positions.