Heuristics and behavioral biases of autonomous investment agents

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Ícaro Coelho Ferreira
José Vitor Kohler
Jeferson Lana
Eleandra Maria Prigo Meneghini
Ana Paula Pereira dos Passos


This study investigated the behavior of Autonomous Investment Agents (AAI) from an investment brokerage, examining whether their decisions are rational or influenced by mental shortcuts. Employing a quantitative and cross-sectional approach, 107 responses were collected from a total of 280 AAI through a questionnaire. The results highlighted the confirmation of seven biases and heuristics, such as regret aversion (76%) and anchoring (63%). These findings underscore the importance of managers and AAI being aware of these influences, effectively guiding decision-making. This study contributes to behavioral finance literature by identifying relevant mental shortcuts in AAI decision-making, providing valuable insights to enhance management practices and financial strategies, with potential positive impacts on investment decisions.

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