What are some common cognitive biases that affect financial decisions?
An example of an AI chatbot conversation about cognitive biases in finance.
What are some common cognitive biases that affect financial decisions?
Common cognitive biases in finance include overconfidence, loss aversion, and anchoring. Would you like to know more about any specific bias?
Can you explain loss aversion?
Loss aversion is the tendency to prefer avoiding losses over acquiring equivalent gains. It means that losing $100 feels worse than gaining $100 feels good.
How does overconfidence impact investment choices?
Overconfidence can lead investors to underestimate risks and overestimate their knowledge, often resulting in poor investment decisions.
What strategies can help mitigate these biases?
Strategies include setting clear investment goals, diversifying portfolios, and seeking external advice to counteract personal biases.
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