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Knowledge and Beliefs About Behavioral Biases

Author

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  • Jürgen Huber
  • Michael Kirchler
  • Teresa Steinbacher

Abstract

In this study we explore the knowledge and beliefs regarding behavioral biases among behavioral scientists, financial professionals, and the general population. We investigate knowledge about ten prominent biases and collect beliefs about the knowledge levels of each of these subject pools by conducting an online survey with 547 participants. We find that knowledge about the selected biases is highest among behavioral scientists and lowest in the general population. Potential explanatory variables, such as age, gender, income, and financial literacy, show almost no impact on knowledge levels. Regarding accuracy of beliefs about knowledge of the own and the other groups, each subject pool has the highest accuracy rates for their own group, and behavioral scientists assessing other behavioral scientists have by far the highest accuracy rate.

Suggested Citation

  • Jürgen Huber & Michael Kirchler & Teresa Steinbacher, 2024. "Knowledge and Beliefs About Behavioral Biases," Working Papers 2024-13, Faculty of Economics and Statistics, Universität Innsbruck.
    • Handle: RePEc:inn:wpaper:2024-13
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    More about this item

    Keywords

    Behavioral biases; expert beliefs; behavioral scientists; financial professionals.;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • G40 - Financial Economics - - Behavioral Finance - - - General
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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