FISV week 5 assignment: comparing the bias
As we continue this week learning about emotional biases, the purpose of this assignment is to evaluate and compare these biases to the other biases we have already covered: Belief Perseverance Biases and Information Processing Biases.
For this assignment, respond to the following:
- Briefly describe emotional biases in your own words. (hint – use your concept map!).
- Analyze and report on the similarities between emotional biases and belief preservation biases and between emotional biases and information processing biases. Then discuss the differences.
- Conclude with an analysis of how the management methods of emotional, belief preservation and information processing biases are similar and how they differ.
(NOTE: Please kindly notice that the assignment is related MBA Finance course–check the textbook of “Behavioral finance and wealth management: how to build optimal portfolios: that account for investor biases” (2nd edition)).
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Finance contemplates all the actions designed to create and manage one’s money. In the modern era, people conduct numerous financial activities such as borrowing, lending, leveraging their assets, and saving. Given that economies in the contemporary world are currency-driven, money has become an essential asset in people’s lives. The immense value of money may create the impression that people carefully think through their financial decisions and exercise a higher degree of caution when handling money. However, this impression could not be further from the truth. On the contrary, people’s financial decisions tend to be influenced by parochial issues. This realization explains why researchers commenced studying finance as an aspect of behavioral management. This paper discusses the different types of biases that affect people’s financial decisions.(1347words)