| Abstract | Ovaj završni rad bavi se kako idejama tradicionalnog, tako i idejama bihevioralnog pristupa koji nisu oprečan jedan drugom, već se nadopunjuju. Problem istraživanja ovog završnog rada je analiza ponašanja odabranih sudionika na financijskim tržištima, odnosno investitora i njihova procesa odlučivanja kroz principe bihevioralne ekonomije. Cilj ovog rada je procijeniti ponašanje, motive i donošenje odluka potrošača/investitora na financijskim tržištima kroz bihevioralne ekonomske principe, te slijedom toga potencijalno dati odgovarajuće smjernice. Teorijski i empirijski dijelovi ovog rada vodili su se istraživačkim pitanjima kao okvirnim smjernicama, nastojeći tako prikazati bihevioralnu ekonomiju, njena osnovna stajališta, pojmove i koncepte koji čine nadopunu tradicionalne teorije. U radu je dan pregled povijesnog razvoja bihevioralnog pristupa, započeto s razvojem i kritikama tradicionalnog. Objašnjene su razlike tradicionalnog društva koje se uslijed brojnih promjena u vanjskom i unutarnjem okruženju mijenjalo, te zbog čega su nastale brojne anomalije, te modernog društva zajedno s razlikama u čimbenicima koji oblikuju njihovo ponašanje. Potom su predstavljeni temeljni pojmovi bihevioralnog pristupa kao što su heuristike i s njima povezane kognitivne pristranosti, teorija prospekta, te zasebno područje bihevioralnih financija. Zatim su navedeni i objašnjeni razni čimbenici koji oblikuju ponašanje potrošača, a koji ne mogu imati jednaku snagu utjecaja na pojedince, te koji nisu postojali prema tradicionalnoj teoriji. Kako bi se navedene razlike dvaju pristupa ispitale, te potencijalno dokazale, provedeno je istraživanje putem ankete. Iz istraživanja su proizašli rezultati prema kojima ponašanje ispitanika nije statično, nisu u potpunosti Homo economicus-i tj. racionalni maksimalizatori, pa slijedom toga nije dokazana efikasnost financijskih tržišta. Pokazalo se da ispitanici imaju obilježja i Homo sapiens-a. Dakle, ponašaju se iracionalno kada je u pitanju novac, te su pod utjecajem kognitivnih, socijalnih i emocionalnih faktora. |
| Abstract (english) | This final paper deals with both the ideas of traditional and behavioral approaches, which are not opposed to each other, but complementary. The main research problem is the analysis of the behavior of selected participants in financial markets, i.e. investors and their decision-making process through the principles of behavioral economics. The research goal of this paper is to assess the behavior, motives, and decision-making of consumers/investors in financial markets through behavioral economic principles, and consequently, potentially provide certain guidelines. Both theoretical and empirical parts of this paper were guided by research questions, thus trying to present behavioral economics, its basic views and concepts that complement traditional theory. The paper gives an overview of the historical development of the behavioral approach, starting with the development and critiques of the traditional theory. The main aspects explained are the differences of traditional society, which changed due to numerous variations in the external and internal environment, whereas numerous anomalies occurred, as well as modern society together with differences in factors shaping behavior. Then, the basic concepts of the behavioral approach are presented, such as heuristics and related cognitive biases, prospect theory, and a separate area of behavioral finance. Moreover, various factors that shape consumer behavior are elaborated, which may not have the same strength of influence on individuals, and which did not exist according to the traditional theory. In order to examine the above differences between the two approaches, and potentially prove them, a survey was conducted. The results of the research showed that the behavior of the respondents is not static; they are not completely Homo economicus, i.e. rational maximizers, and consequently the efficiency of financial markets has not been proven. Respondents were also shown to have the characteristics of Homo sapiens. Thus, they behave irrationally when it comes to money, and are influenced by cognitive, social, and emotional factors. |
