Um estudo sobre a tomada de decisão do investidor brasileiro sob incerteza à luz da economia comportamental

Abstract

The main objective of this work is to analyze and understand the behavior of certain investors at the time of their choices, a behavior that is not found in the models of classical microeconomic theory, nor is it reflected in the rational behavior of the so called homo economicus. After an explanation of the types of investor profiles (conservative, moderate, bold and aggressive), this work focuses on investigating which profile of the Brazilian investor and which socioeconomic characteristics are capable of determining their choices in relation to the risk taken. The data used were collected through a survey made available by the Brazilian Association of Financial and Capital Market Entities (ANBIMA), where 5,878 people from the five regions of Brazil were interviewed during the end of 2021, called Brazilian Investor X-Ray, for the year 2022. Based on the analysis of investments and the variables collected, it was possible to understand which factors influence Brazilians' emotions for decision making. The results obtained showed that Brazilian conservatism can be understood from the socioeconomic variables in which they are inserted and the situation in which the Brazilian economy finds itself.