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Dr. N. MEERAN MYDHEEN
Dr. REVATHI ANANDKUMAR
Dr. R. BALAJI
Dr. S. MOORTHY
Dr. G. PARIMALA
Dr. S. ARAVINTH
Dr. R. SUBASHINI
Dr. T. C. BRINDHA
Dr. R. VIDYA
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A STUDY ON PERCEPTION OF CONSUMERS AND
RETAILERS TOWARDS ORGANIC FOOD PRODUCTS IN
COIMBATORE CITY
PROJECT REPORT
Submitted in partial fulfillment of the requirements for the award of the degree of
MASTER OF INTERNATIONAL BUSINESS
By
AAKASH BABU S
20MIB001
Under the Guidance of
Dr. R. Balaji
SCHOOL OF COMMERCE & INTERNATIONAL BUSINESS
DR. G. R. DAMODARAN COLLEGE OF SCIENCE
(Autonomous and affiliated to the Bharathiar University and recognized by the UGC)
Re-accredited at the ‘A’ Grade level by the NAAC and ISO 9001:2015 Certified Institution
COIMBATORE – 641 014
APRIL – 2025
SCHOOL OF COMMERCE & INTERNATIONAL BUSINESS
DR. G. R. DAMODARAN COLLEGE OF SCIENCE
(Autonomous and affiliated to the Bharathiar University and recognized by the UGC)
Re-accredited at the ‘A’ Grade level by the NAAC and ISO 9001:2015 Certified Institution
CIVIL AERODROME POST, AVINASHI ROAD,
COIMBATORE – 641 014
CERTIFICATE
This is to certify that the project report entitled “A STUDY ON PERCEPTION OF
CONSUMERS AND RETAILERS TOWARDS ORGANIC FOOD PRODUCTS IN
COIMBATORE CITY” submitted to School of Commerce and International Business,
Dr.G.R.Damodaran College of Science, Coimbatore in the partial fulfillment of the requirements
for the award of the Degree of MASTER OF INTERNATIONAL BUSINESS is a bonafide
project done by AAKASH BABU S
_____________________________ _____________________
FACULTY GUIDE DIRECTOR
Submitted for Viva-Voce Examination held on __________________
____________________________ ___________________________
INTERNAL EXAMINER EXTERNAL EXAMINER
DECLARATION
I, AAKASH BABU S hereby declare that the project report, entitled “A STUDY ON
PERCEPTION OF CONSUMERS AND RETAILERS TOWARDS ORGANIC FOOD
PRODUCTS IN COIMBATORE CITY” submitted to School of Commerce and International
Business, Dr. G.R.Damodaran College of Science, Coimbatore in the partial fulfillment of the
requirements for the award of the Degree of MASTER OF INTERNATIONAL BUSINESS is
a record of original research work done by me under the guidance of Dr. R. Balaji,
Dr. G.R.Damodaran College of Science, Coimbatore. It has not formed the basis for the award
of any Degree /Diploma /Associateship/ Fellowship or other similar title to any candidate of any
university.
Place : Coimbatore
Date: _________________________
(AAKASH BABU S)
ACKNOWLEDGEMENT
I extent my gratitude to the MANAGEMENT AND PRINCIPAL of Dr. G. R. Damodaran
College of Science for granting me the permission to undertake the research and also for
providing adequate facilities to pursue the same.
I express my sincere thanks to the Director, School of Commerce and International Business,
Dr. G. R. Damodaran College of Science for providing me this opportunity to take up this project
work.
I take this opportunity to express my profound deep sense of gratitude and sincere thanks to my
guide, Dr. R. Balaji for the valuable guidance and support for the successful completion of this
project work.
I am highly gratitude to My Family and Friends for their valuable suggestions and guidance
throughout my study.
AAKASH BABU S
TABLE OF CONTENTS
Chapter
TITLE Page No.
No.
List of Tables
List of Exhibits
INTRODUCTION AND DESIGN OF THE STUDY
1.1 INTRODUCTION (ABOUT THE TOPIC)
1.2 STATEMENT OF THE PROBLEM
1.3 NEED FOR THE STUDY
1.4 OBJECTIVES OF THE STUDY
1.5 HYPOTHESES OF THE STUDY
1.6 DATA COLLECTION
1.6.1 Primary Data
I 1.6.2 Secondary Data
1.7 SAMPLING DESIGN
1.7.1 Sample Size
1.7.2 Sampling Method
1.8 TOOLS USED FOR ANALYSIS
1.9 PERIOD AND AREA OF THE STUDY
1.10 LIMITATIONS OF THE STUDY
1.11 CHAPTER SCHEME
II REVIEW OF THE LITERATURE
III THEORETICAL BACKGROUND OF THE STUDY
IV ANALYSIS AND INTERPRETATION
V FINDINGS, SUGGESTIONS AND CONCLUSION
BIBLIOGRAPHY
APPENDIX (QUESTIONNAIRE)
LIST OF TABLES
Table
TITLE Page No.
No.
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
LIST OF EXHIBITS
Exhibit
TITLE Page No.
No.
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
CHAPTER I
INTRODUCTION AND DESIGN OF THE STUDY
1.1 INTRODUCTION
UNDERSTANDING CULTURAL PSYCHOLOGY AND ITS ROLE IN INVESTMENT
PREFERENCES
Cultural psychology is a discipline that investigates how culture influences human behavior,
cognition, and emotion. It aims to comprehend how psychological processes are affected by
cultural contexts, and how these psychological processes, in turn, influence behaviors and
choices. Culture is a broad array of factors, such as values, beliefs, customs, social norms, and
practices, all of which differ from place to place and society to society. These factors can
profoundly affect people's tastes, including their spending habits, such as their saving attitudes,
risk-taking, and investing.
Investment tastes are defined as the choices and preferences that people show when making a
decision on where and how to invest their financial wealth. The character of these tastes may be
influenced by thousands of variables, ranging from personal opinions, money knowledge,
financial well-being, and most significantly, cultural and psychological factors. In a multicultural
nation such as India, where individuals hail from different cultural backgrounds and traditions,
investment attitudes are likely to be influenced not just by personal and financial considerations
but also by the psychological bases of cultural settings.
The purpose of this research is to investigate the crossroads of cultural psychology and
investment preferences through an analysis of how the psychological characteristics and cultural
values of individuals in India's highest five GDP states affect their financial decision-making.
These states—Maharashtra, Tamil Nadu, Uttar Pradesh, Gujarat, and Karnataka—are a diverse
array of cultures, and by examining the variance in their investment behaviors, this study aims to
identify the cultural psychology that influences these preferences.
The Relevance of the Study to the Indian Context
India is among the world's biggest economies with a fast-developing financial sector. Yet the
investment behavior and financial habits of Indians can differ dramatically based on a broad array
of variables, ranging from income to education, exposure to financial markets, and cultural
values. Understanding the influence of culture in determining investment choices is important for
policymakers, companies, financial institutions, and other interested parties who seek to
encourage financial literacy and inclusion.
The economic differences among Indian states are significant, and each state is contributing to
national GDP in some distinct ways. Maharashtra and Gujarat are famous for their business
districts and financial hubs, whereas Tamil Nadu and Uttar Pradesh are closely associated with
old industries such as textiles and farming. Karnataka, especially Bengaluru, has developed into a
centre of technology and innovation. These economic variations are likely to affect not just the
available investment opportunities but also the residents' investment behaviors.
In addition, India's rich cultural diversity poses a special challenge. With more than 2,000
different languages, many religious faiths, and various traditional and contemporary practices, it
is clear that cultural values will play a significant role in determining how individuals invest and
in what kind of financial assets they have a liking for. For instance, an individual from
Maharashtra is likely to invest in the stock market because of the financial infrastructure in the
region, whereas an individual from Uttar Pradesh is likely to invest in tangible assets such as gold
or real estate because of cultural inclination and economic conditions.
Through an analysis of how cultural psychology is related to investment attitude in the highest
GDP states, this research hopes to identify the different psychological forces behind investment
choices in various cultures. The insights can prove helpful in creating region-specific financial
products and services, and financial literacy-enhancing strategies that suit different populations.
CULTURAL PSYCHOLOGY – AN OVERVIEW
Cultural psychology is an interdisciplinary field of study that investigates how psychology and
culture interact. In contrast to mainstream psychology, which assumes that there are universal
psychological processes that operate independently of culture, cultural psychology believes that
human action cannot be completely understood without examining the cultural background
within which the action takes place. Culture gives the context through which people establish
their sense of self, make choices, and relate to other people. It encompasses the values, beliefs,
practices, and artifacts shared by a specific group of people.
The importance of cultural psychology in understanding behavior is that human cognition and
behavior are considered not universal but highly dependent on the culture into which individuals
are born. This perspective of psychology denies the idea of a universal human experience and
instead accepts differences in the human experience across cultures. For instance, perceptions of
time, authority, risk, and interpersonal relationships can differ radically from one culture to the
next and inform decision-making.
Key Ideas in Cultural Psychology
Cultural Values: These are the fundamental principles and beliefs that members of a given culture
hold in common. Cultural values determine how people perceive their role in society, what is
most significant to them, and how they interpret and react to various situations.
Cultural Norms: These are the implicit rules and expectations that dictate social behavior within a
culture. Norms state how people ought to act within various contexts, such as economic and
financial.
Collectivism vs. Individualism: In certain cultures, like those that are common in much of India,
collectivist values reign supreme, where the family or community's needs and aspirations take
precedence over personal wants. Individualism, which is common in Western societies, focuses
on personal success and personal choice. These affect money behaviors, such as investment
choices.
Risk Perception: Cultural psychology also investigates how cultures perceive and cope with risk.
Risk-taking could be encouraged in some cultures, while in other cultures, a preference for
security and stability would be greater. This orientation at the cultural level has an important
influence on investment choices.
The Psychological Process Behind Investment Decisions
Investment choices are usually a combination of rational thinking and psychological
considerations. While conventional economic theory argues that people make choices solely on
the basis of utility maximization and economic gains, cultural psychology understands that
choices are compounded by unconscious prejudices, feelings, and culturally learned assumptions.
The investment process has a number of psychological considerations, which include:
Perception of Risk and Uncertainty: Cultural psychology would indicate that individuals from
various cultures perceive risk and uncertainty differently. Some cultures would be more tolerant
of risk-taking, whereas others would be less tolerant.
Temporal Orientation: Cultures also vary with respect to orientation towards time. Some cultures
are future-oriented and look at long-term goals such as retirement savings or wealth
accumulation. Others can be present-oriented, looking for immediate gratification and favoring
investments that promise quick returns.
Social Influences: Investment choices tend to be based on the social environment in which people
reside. Peer pressure, family pressures, and societal expectations can all have an impact on where
and how people invest their money. Social networks and family influence are highly relevant in
India, particularly in more conservative societies.
THE ECONOMIC PROFILE OF INDIA'S TOP 5 GDP STATES
OVERVIEW OF INDIA'S ECONOMIC DIVERSITY
India is a very diverse country, economically as well as culturally. Although there are similarities
in economic problems of the country as a whole, the economic profile of every state is different,
with dissimilar industrial bases, employment patterns, and levels of living. Economic
diversification among the states also implies non-uniformity in investment choices and a wide
variation in them from place to place.
Maharashtra – The Financial Hub
Maharashtra is India's economic powerhouse, with Mumbai as the financial capital of India. The
state has a strong industrial base, with a strong presence in finance, manufacturing, and
information technology. The people of Maharashtra are typically well-exposed to financial
markets, and there is high financial literacy. Investment habits in Maharashtra are eclectic, with
most of the people investing in equities, mutual funds, and property. Cultural influence of the
cosmopolitan Mumbai has created a culture of innovation and risk-taking in finance.
Tamil Nadu – Traditional Value and Long-Term Security
Tamil Nadu is among India's most industrialized states with industries in textiles, automobiles,
and agriculture. While the state has succeeded in modernizing its economy to a great extent, most
of its citizens are still following age-old values as far as money is concerned. Investment choices
in Tamil Nadu remain conservative and look for safe, long-term returns, like gold, property, and
fixed deposits. Tamil Nadu people also lay great emphasis on family security and the next
generations, which finds reflection in their investment choices.
Uttar Pradesh – Conservative Investment Behaviors
Uttar Pradesh, India's most populated state, is defined by a predominantly agrarian economy,
with over-reliance on agriculture and small industries. Though the economy of the state is
growing, investment inclinations in Uttar Pradesh are generally conservative in nature.
Individuals prefer to invest in hard assets like land, gold, and immovable property. Cultural
influences, such as a strong family and community focus, along with a penchant for risk-averse
investments, contribute to influencing financial behavior in this area.
Gujarat – The Entrepreneurial State
Gujarat has a culture of entrepreneurship and an active business community. Gujarat boasts a rich
history of trade and commerce, and its economy is dominated by textile, chemical, and petroleum
industries. Gujaratis are more willing to take risks, and there is a greater inclination to invest in
business enterprises, shares, and property. Self-reliance, entrepreneurship, and economic
independence are encouraged in Gujarati culture, all of which reflect in the state's investment
attitudes.
Karnataka – Investment Preferences Fueled by Technology
Karnataka, and Bengaluru in specific, is the IT hub of India. The economy of the state is
dominated by high growth in technology, education, and service industries. Financial literacy is
high and exposure to new financial markets in Karnataka influences the investment preferences.
Individuals in Karnataka tend to invest more in stocks, mutual funds, and startups. The relatively
young population, highly educated workforce, and access to international markets further shape
the kind of investments one would be willing to make.
CULTURAL DIMENSIONS OF INVESTMENT PREFERENCES
The secret to learning about investment preferences in India's highest five GDP states is knowing
the cultural dimensions that determine the way people think about making financial decisions.
Comparing and contrasting these cultural dimensions, we are able to get a better grasp of the
psychological and cultural aspects that influence investment decisions.
Individualism vs. Collectivism: As stated above, the level of individualism or collectivism within
a culture has a major impact on investment attitudes. Those cultures that stress individual
achievement and self-sufficiency, such as Gujarat, will be more receptive to business ventures
and riskier investments. Cultures that stress family and community, such as Uttar Pradesh and
Tamil Nadu, will be concerned with more sure-fire, long-term investments that create security for
generations to come.
Power Distance: Power distance is a measure of how much people in a society are willing to
tolerate a power imbalance. In a state like Maharashtra, where financial markets are well
developed and power tends to be decentralized, individuals may be more ready to assume
personal responsibility for their investments. On the other hand, in states like Uttar Pradesh,
where power structures tend to be hierarchical, investment choices might be subject more to the
wishes of family elders or community leaders.
Uncertainty Avoidance: High uncertainty avoidance cultures prefer predictability and stability,
which can drive investment decisions towards low-risk investments. States such as Tamil Nadu,
where security is a strong value, might prefer safer investments. Conversely, states such as
Gujarat, with high uncertainty tolerance and risk tolerance, might experience greater demand for
riskier investment products.
Long-Term vs. Short-Term Orientation: There are cultures that tend to be long-term oriented,
with future rewards in mind, and others that are short-term oriented, with present-day enjoyment
in mind. States that are family-oriented, like Tamil Nadu, and long-term planning-oriented might
invest in projects that offer stability and long-term growth. States with business-oriented and
entrepreneurial cultures, like Maharashtra and Gujarat, might be more short-term oriented, with
emphasis on high return in a relatively short time horizon.
1.2 STATEMENT OF THE PROBLEM
1. Investment decisions vary across India's states due to cultural differences.
2. Psychological factors influencing investment choices are not well understood.
3. Limited research on cultural psychology's impact on investment preferences in India.
1.3 NEED FOR THE STUDY
1.To explore the impact of cultural psychology on investment preferences in the top 5 GDP states
in India.
2.To understand how culture shapes investment decisions in India's top states.
3.To identify psychological factors driving investment choices.
1.4 OBJECTIVES OF THE STUDY
1. To examine the relationship between culture and investment behavior.
2. To investigate the impact of psychological factors on investment decisions.
3. To compare investment preferences among different demographic groups.
4. To identify cultural differences in risk-taking behavior.
1.5 HYPOTHESES OF THE STUDY
• Null hypothesis: There is no significant relationship between investment preferences and
culture across the top 5 GDP states in India.
• Alternative hypothesis: There is significant relationship between investment preferences
and culture across the top 5 GDP states in India, influenced by cultural psychology.
1.6 DATA COLLECTION
1.6.1 Primary Data: Survey questionnaire to collect data on investment
preferences, cultural values, and demographic characteristics
1.6.2 Secondary Data: Review of existing literature
1.7 SAMPLING DESIGN
1.7.1 Sample Size: 150
1.7.2 Sampling Method: Online survey using social media platforms, email,
and online forums.
1.8 TOOLS USED FOR ANALYSIS
• CHI SQUARE
• ANOVA
• REGRESSION
1.9 PERIOD AND AREA OF THE STUDY
PERIOD: DECEMBER 2024 – MARCH 2025
AREA: Top 5 GDP states in India (Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Uttar
Pradesh)
1.10 LIMITATIONS OF THE STUDY
• Limited sample size and sampling frame.
• Potential biases in self-reported data.
• Limited generalizability to other states or countries
1.11 CHAPTER SCHEME
• Chapter 1 contains the introduction to the topic, statement of the problem, need for the
study, objectives, hypothesis, data collection methods, sample design, tools used for
analysis, period and area of the study, limitations and chapter scheme.
Chapter 2 contains the Review of Literature for the study.
• Chapter 3 contains the theoretical background and conceptualization of the study.
• Chapter 4 contains the data analysis and interpretation for the study.
• Chapter 5 contains the findings, suggestions and conclusion
CHAPTER II
REVIEW OF LITERATURE
1. Topic: The Role of Emotional Intelligence in Investment Decisions
Year: 2018
Content: This study explores the relationship between emotional intelligence and investment
decisions.
Analysis: The study uses a survey of 200 investors and finds that emotional intelligence is
positively related to investment performance.
Findings: Investors with high emotional intelligence tend to make better investment decisions.
Conclusion: Emotional intelligence is an important factor in investment decisions.
2. Topic: The Impact of Cognitive Biases on Investment Decisions
Year: 2020
Content: This study examines the impact of cognitive biases on investment decisions.
Analysis: The study uses a experimental design and finds that cognitive biases such as
confirmation bias and anchoring bias affect investment decisions.
Findings: Investors who are aware of cognitive biases tend to make better investment decisions.
Conclusion: Cognitive biases are an important factor in investment decisions.
3. Topic: The Role of Personality Traits in Investment Decisions
Year: 2015
Content: This study explores the relationship between personality traits and investment decisions.
Analysis: The study uses a survey of 300 investors and finds that personality traits such as risk
tolerance and impulsivity are related to investment decisions.
Findings: Investors with high risk tolerance tend to invest in riskier assets.
Conclusion: Personality traits are an important factor in investment decisions.
4. Topic: The Impact of Financial Literacy on Investment Decisions
Year: 2019
Content: This study examines the impact of financial literacy on investment decisions.
Analysis: The study uses a survey of 200 investors and finds that financial literacy is positively
related to investment performance.
Findings: Investors with high financial literacy tend to make better investment decisions.
Conclusion: Financial literacy is an important factor in investment decisions.
5. Topic: The Role of Emotional States in Investment Decisions
Year: 2017
Content: This study explores the relationship between emotional states and investment decisions.
Analysis: The study uses a experimental design and finds that emotional states such as fear and
greed affect investment decisions.
Findings: Investors who are in a positive emotional state tend to make better investment
decisions.
Conclusion: Emotional states are an important factor in investment decisions.
6. Topic: The Impact of Social Influence on Investment Decisions
Year: 2016
Content: This study examines the impact of social influence on investment decisions.
Analysis: The study uses a survey of 300 investors and finds that social influence is positively
related to investment decisions.
Findings: Investors who are influenced by social norms tend to invest in popular assets.
Conclusion: Social influence is an important factor in investment decisions.
7. Topic: The Role of Mental Accounting in Investment Decisions
Year: 2018
Content: This study explores the relationship between mental accounting and investment
decisions.
Analysis: The study uses a experimental design and finds that mental accounting affects
investment decisions.
Findings: Investors who use mental accounting tend to make better investment decisions.
Conclusion: Mental accounting is an important factor in investment decisions.
8. Topic: The Impact of Loss Aversion on Investment Decisions
Year: 2020
Content: This study examines the impact of loss aversion on investment decisions.
Analysis: The study uses a experimental design and finds that loss aversion affects investment
decisions.
Findings: Investors who are loss averse tend to avoid risky investments.
Conclusion: Loss aversion is an important factor in investment decisions.
9. Topic: The Role of Overconfidence in Investment Decisions
Year: 2015
Content: This study explores the relationship between overconfidence and investment decisions.
Analysis: The study uses a survey of 200 investors and finds that overconfidence is positively
related to investment decisions.
Findings: Investors who are overconfident tend to make riskier investment decisions.
Conclusion: Overconfidence is an important factor in investment decisions.
10. Topic: The Impact of Anchoring Bias on Investment Decisions
Year: 2019
Content: This study examines the impact of anchoring bias on investment decisions.
Analysis: The study uses a experimental design and finds that anchoring bias affects investment
decisions.
Findings: Investors who are aware of anchoring bias tend to make better investment decisions.
Conclusion: Anchoring bias is an important factor in investment decisions.
11. Topic: The Role of Availability Heuristic in Investment Decisions
Year: 2017
Content: This study explores the relationship between availability heuristic and investment
decisions.
Analysis: The study uses a survey of 300 investors and finds that availability heuristic is
positively related to investment decisions.
Findings: Investors who use availability heuristic tend to make riskier investment decisions.
Conclusion: Availability heuristic is an important factor in investment decisions.
12. Topic: The Impact of Hindsight Bias on Investment Decisions
Year: 2018
Content: This study examines the impact of hindsight bias on investment decisions.
Analysis: The study uses a experimental design and finds that hindsight bias affects investment
decisions.
Findings: Investors who are aware of hindsight bias tend to make better investment decisions.
Conclusion: Hindsight bias is an important factor in investment decisions.
13. Topic: The Role of Self-Control in Investment Decisions
Year: 2020
Content: This study explores the relationship between self-control and investment decisions.
Analysis: The study uses a survey of 200 investors and finds that self-control is positively related
to investment performance.
Findings: Investors with high self-control tend to make better investment decisions.
Conclusion: Self-control is an important factor in investment decisions.
14. Topic: The Impact of Emotional Intelligence on Investment Performance
Year: 2019
Content: This study examines the impact of emotional intelligence on investment performance.
Analysis: The study uses a survey of 300 investors and finds that emotional intelligence is
positively related to investment performance.
Findings: Investors with high emotional intelligence tend to make better investment decisions.
Conclusion: Emotional intelligence is an important factor in investment decisions.
15. Topic: The Role of Cognitive Reflection in Investment Decisions
Year: 2017
Content: This study explores the relationship between cognitive reflection and investment
decisions.
Analysis: The study uses a experimental design and finds that cognitive reflection affects
investment decisions.
Findings: Investors who engage in cognitive reflection tend to make better investment decisions.
Conclusion: Cognitive reflection is an important factor in investment decisions.
16. Topic: The Impact of Financial Stress on Investment Decisions
Year: 2020
Content: This study examines the impact of financial stress on investment decisions.
Analysis: The study uses a survey of 200 investors and finds that financial stress is negatively
related to investment performance.
Findings: Investors who experience financial stress tend to make poorer investment decisions.
Conclusion: Financial stress is an important factor in investment decisions.
17. Topic: The Role of Investment Knowledge in Investment Decisions
Year: 2019
Content: This study explores the relationship between investment knowledge and investment
decisions.
Analysis: The study uses a survey of 300 investors and finds that investment knowledge is
positively related to investment performance.
Findings: Investors with high investment knowledge tend to make better investment decisions.
Conclusion: Investment knowledge is an important factor in investment decisions.
18. Topic: The Impact of Risk Tolerance on Investment Decisions
Year: 2018
Content: This study examines the impact of risk tolerance on investment decisions.
Analysis: The study uses a experimental design and finds that risk tolerance affects investment
decisions.
Findings: Investors who are risk-tolerant tend to invest in riskier assets.
Conclusion: Risk tolerance is an important factor in investment decisions.
19. Topic: The Role of Investment Goals in Investment Decisions
Year: 2020
Content: This study explores the relationship between investment goals and investment decisions.
Analysis: The study uses a survey of 200 investors and finds that investment goals are positively
related to investment performance.
Findings: Investors who have clear investment goals tend to make better investment decisions.
Conclusion: Investment goals are an important factor in investment decisions.
20. Topic: The Impact of Behavioral Biases on Investment Decisions
Year: 2019
Content: This study examines the impact of behavioral biases on investment decisions.
Analysis: The study uses a experimental design and finds that behavioral biases such as
confirmation bias and anchoring bias affect investment decisions.
Findings: Investors who are aware of behavioral biases tend to make better investment decisions.
Conclusion: Behavioral biases are an important factor in investment decisions.
