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Investment decision making from a constructivist perspective

Author

Listed:
  • Carlo Massironi
  • Marco Guicciardi

Abstract

Purpose - This paper aims to introduce the reader to investigate some aspects of investment decision making from a constructivist perspective. Design/methodology/approach - The constructivist perspective is introduced in its dual nature of epistemology and of modelization. From constructivist epistemology, the paper mentions the corollaries of theoretical pluralism and cognitive pragmatism. From Kruglanski and Ajzen's Lay epistemology theory, the paper presents in more detail a constructivist modelization for the study and improvement of formal processes of investment decision making. Findings - Beginning from the proposed framework, the paper indicates the lines for the development of a critical (or reflective) investment decision‐making attitude. This is an investment decision making which is able to reflect on its own constructs and cognitive processes in order to develop investment processes with a higher “constructivist awareness” and efficacy. Originality/value - The proposed modelization can contribute to the work of those dedicated to the development of better formal processes of investment. The paper presents three examples of possible applications potentially useful for the improvement of the processes of asset valuation of value investors.

Suggested Citation

  • Carlo Massironi & Marco Guicciardi, 2011. "Investment decision making from a constructivist perspective," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 3(3), pages 158-176, October.
    • Handle: RePEc:eme:qrfmpp:v:3:y:2011:i:3:p:158-176
    DOI: 10.1108/17554171111176895
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    References listed on IDEAS

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    1. Zaloom, Caitlin, 2006. "Out of the Pits," University of Chicago Press Economics Books, University of Chicago Press, number 9780226978130, Febrero.
    2. Daniel Beunza Ibáñez & David Stark, 2004. "How to recognize opportunities: Heterarchical search in a Wall Street trading room," Economics Working Papers 735, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 2005.
    3. Fabian Muniesa, 2007. "Market technologies and the pragmatics of prices," Post-Print halshs-00160893, HAL.
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