Pengaruh Representativeness, Availability, dan Anchoring Terhadap Keputusan Investasi
Keywords:
heuristics, biases, investment decisions, behavioral finance, prospect theory, overconfidence, loss aversionAbstract
Investment decisions in financial markets often deviate from predictions of rational models due to cognitive heuristics and biases. This conceptual paper examines how three main heuristics representativeness, availability, and anchoring systematically distort investor judgment. Representativeness leads to overreaction to recent news and misidentification of patterns in random data. Availability causes investors to overweight dramatic or recent events when assessing probabilities. Anchoring makes reference prices such as purchase price or historical highs influence subsequent decisions excessively. Overconfidence in stock picking ability generates excessive trading and reduces net returns after transaction costs. Loss aversion from prospect theory explains the disposition effect where investors sell winners too quickly and hold losers too long. Mental accounting causes irrational treatment of money based on its source or intended use. Familiarity bias and status quo bias produce underdiversification including excessive company stock holdings and home bias. Interventions ranging from individual awareness to systemic design changes can reduce negative impacts of biases. Automatic rules, checklists, default options, and nudges prove more effective than education alone. The paper concludes with theoretical implications for behavioral finance and practical recommendations for individual investors, platform designers, and pension policymakers.
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