An agent-based debiasing framework for investment decision-support systems

References

• Ackert , L. 2006 . An experimental examination of the house money effect in a multi-period setting Experimental Economics, 9 (1), 5–16
   Google Scholar
• Akerlof , G. A. and Shiller , R. J. 2009 . Animal spirits: how human psychology drives the economy, and why it matters for global capitalism , 1st ed , Princeton University Press .
   Google Scholar
• Ajzen , I. and Fishbein , M. 2000 . “ Attitudes and the attitude-behavior relation: reasoned and automatic process ” . In European Review of Social Psychology , Edited by: Stroebe , W. and Hewstone , M. Chichester , , England : Wiley .
   Google Scholar
• Angehrn , A. A. 1993 . Computers that criticize you: stimulus-based decision support systems . Interfaces , 23 ( 3 ) : 3 – 16 .
   Web of Science ®Google Scholar
• Arnott , D. 2006 . Cognitive biases and decision support systems development: a design science perspective . Information Systems , 16 : 55 – 78 .
   Web of Science ®Google Scholar
• Barber , B. and Odean , T. 2002 . Online investors: do the slow die first? . Review of Financial Studies , 15 : 455 – 487 .
   Web of Science ®Google Scholar
• Barber , B. and Odean , T. 2001 . The Internet and the investor . Journal of Economic Perspectives , 15 ( 1 ) : 41 – 54 .
   Web of Science ®Google Scholar
• Benaroch , M. and Dhar , V. 1995 . Controlling the complexity of investment decisions using qualitative reasoning techniques . Decision Support Systems , 15 : 115 – 131 .
   Web of Science ®Google Scholar
• Benartzi , S. and Thaler , R. 2001 . Naïve diversification strategies in defined contribution saving plans . American Economic Review , 91 : 79 – 98 .
   Web of Science ®Google Scholar
• Bhandari , G. , Deaves , R. and Hassanein , K. 2008 . Debiasing investors with decision support systems: an experimental investigation . Decision Support Systems , 46 : 399 – 410 .
   Web of Science ®Google Scholar
• Bobrow , D. 1984 . Qualitative reasoning about physical systems , NY : Elsevier .
   Google Scholar
• Chen , J. Q. and Lee , S. M. 2003 . An exploratory cognitive DSS for strategic decision making . Decision Support Systems , 36 : 147 – 160 .
   Web of Science ®Google Scholar
• Choi , J. , Laibson , D. , Madrian , B. and Metrick , A. 2002 . “ Defined contribution pensions: plan rules, participant decisions, and the path of least resistance ” . In Tax policy and the economy , Edited by: Poterba , J. M. 67 – 113 . Cambridge , MA : MIT Press .
   Google Scholar
• Cohn , A. G. 1995 . The challenge of qualitative spatial reasoning . ACM Computing Surveys , 27 ( 3 ) : 323 – 326 .
   Web of Science ®Google Scholar
• Corno , L. 1989 . “ Self-regulated learning: a volitional analysis ” . In Self-regulated learning and academic achievement:theory, research and practice , Edited by: Zimmerman , J. B. and Schunk , D. H. 111 – 141 . NY : Springer-Verlag .
   Google Scholar
• Elam , J. J. , Jarvenpaa , S. L. and Schkade , D. A. 1992 . “ Behavioural decision theory and DSS: new opportunities for collaborative research ” . In Information systems and decision processes , Edited by: Stohr , E. A. and Konsynski , B. R. 51 – 74 . Los Alamitos , CA : IEEE Computer Society Press .
   Google Scholar
• Ellsberg , D. 1961 . Risk ambiguity and the Savage axioms . Quarterly Journal of Economics , 75 ( 4 ) : 643 – 669 .
   Web of Science ®Google Scholar
• Elster , J. 1998 . Emotions and economic theory . Journal of Economic Literature , 36 ( 1 ) : 47 – 74 .
   Web of Science ®Google Scholar
• Expert system . 2008 . Cogito Expert System's Language technology [online] Available from: http://www.expertsystem.net/documenti/pdf_eng/technology/eng_white_paper.pdf [Accessed 2 February 2008]
   Google Scholar
• Fazlollahi , B. , Parikh , M. A. and Verma , S. 1997 . Adaptive decision support systems . Decision Support Systems , 20 : 297 – 315 .
   Web of Science ®Google Scholar
• Gowda , R. M.V. 1999 . Heuristics, biases, and the regulation of risk . Policy Sciences , 32 : 59 – 78 .
   Web of Science ®Google Scholar
• Hastie , R. and Dawes , R. M. 2001 . Rational choice in an uncertain world: the psychology of judgment and decision making , Thousand Oaks , CA : Sage .
   Google Scholar
• Huberman , G. 2001 . Familiarity breeds investment . Review of Financial Studies , 14 : 659 – 680 .
   Web of Science ®Google Scholar
• Iwasaki , Y. 1997 . Real-world applications of qualitative reasoning . IEEE Expert , 12 : 3
   Google Scholar
• Jamali , N. , Thati , P. and Agha , G. 1999 . An actor-based architecture for customizing and controlling agent ensembles . IEEE Intelligent Systems , 14 ( 20 ) : 38 – 44 .
   Google Scholar
• Kalakota , R. and Whinston , A. 1996 . The frontiers of electronic commerce , Redwood City, CA : Addison-Wesley .
   Google Scholar
• Keren , G. 1990 . “ Cognitive aids and debiasing methods: can cognitive pills cure cognitive ills? ” . In Cognitive biases , Edited by: Caverni , J. P. , Fabre , J. M. and Gonzalez , M. 523 – 555 . Amsterdam : Elsevier .
   Google Scholar
• Kirs , P. J. , Pflughoeft , K. and Kroeck , G. 2001 . A process model cognitive biasing effects in information systems development and usage . Information & Management , 38 : 153 – 165 .
   Web of Science ®Google Scholar
• Kuhn , T. S. 1970 . The structure of scientific revolutions , University of Chicago Press .
   Google Scholar
• Leigh , W. , Purvis , R. and Ragusa , J. M. 2002 . Forecasting the NYSE composite index with technical analysis, pattern recognizer, neural network, and genetic algorithm: a case study in romantic decision support . Decision Support Systems , 32 : 361 – 377 .
   Web of Science ®Google Scholar
• Lichtenstein , S. , Fischhoff , B. and Phillips , L. D. 1982 . “ Calibration of probabilities: the state of the art to 1980 ” . In Judgment under uncertainty: heuristics and biases , Edited by: Kahneman , D. , Slovic , P. and Tversky , A. 306 – 334 . Cambridge , , England : Cambridge University .
   Google Scholar
• Madrian , B. and Shea , D. 2001 . The power of suggestion: Inertia in 401(k) participation and savings behaviour . Quarterly Journal of Economics , 116 : 1149 – 1187 .
   Web of Science ®Google Scholar
• Maes , P. 1995 . Artificial life meets entertainment: life-like autonomous agents . Communications of the ACM , 38 ( 11 ) : 108 – 114 .
   Web of Science ®Google Scholar
• Massa , M. and Simonov , A. 2005 . Behavioral biases and investment . Review of Finance , 9 ( 4 ) : 483 – 507 .
   Google Scholar
• Mckenzie , C. R.M. 2005 . “ Judgment and decision making ” . In Handbook of cognition , Edited by: Lamberts , K. and Goldstone , R. L. 321 – 338 . London : Sage .
   Google Scholar
• Megaputer . 2008 . Text mining or text analysis software [online] Megaputer. Available from: http://www.megaputer.com [Accessed 13 February 2007]
   Google Scholar
• Mitchell , O. S. and Utkus , S. P. 2004 . “ Lessons from behavioral finance for retirement plan design ” . In Pension design and structure , Edited by: Mitchell , O. S. and Utkus , S. P. 3 – 43 . Oxford University Press .
   Google Scholar
• Odean , T. 1998 . Are investors reluctant to realize their losses? . Journal of Finance , 53 ( 5 ) : 1775 – 1798 .
   Web of Science ®Google Scholar
• Payne , J. W. , Bettman , J. R. and Luce , M. F. 1996 . When time is money: decision behavior under opportunity-cost time pressure . Organizational Behavior and Human Decision Processes , 66 ( 2 ) : 131 – 152 .
   Web of Science ®Google Scholar
• Read , D. and Loewenstein , G. 1995 . Diversification bias: explaining the discrepancy in variety seeking between combined and separated choices . Journal of Experimental Psychology: Applied , 1 ( 1 ) : 34 – 49 .
   Web of Science ®Google Scholar
• Samuelson , W. and Zeckhauser , R. 1988 . Status quo bias in decision making . Journal of Risk and Uncertainty , 1 ( 1 ) : 7 – 59 .
   Google Scholar
• Shefrin , H. and Statman , M. 1985 . The disposition to sell winners too early and ride losers too long: theory and evidence . Journal of Finance , 40 ( 3 ) : 777 – 792 .
   Web of Science ®Google Scholar
• Shefrin , H. and Statman , M. 1993 . Behavioral aspects of the design and marketing of financial products . Financial Management , 22 ( 2 ) : 123 – 134 .
   Web of Science ®Google Scholar
• Simon , H. A. 1999 . The sciences of the artificial , Cambridge, MA : MIT Press .
   Google Scholar
• Thaler , R. H. and Johnson , E. 1990 . Gambling with the house money and trying to break even: the effects of prior outcomes on risky choice . Management Science , 36 : 643 – 660 .
   Web of Science ®Google Scholar
• Turban , E. and Aronson , J. E. 2000 . Decision support systems and intelligent systems , Upper Saddle River , NJ : Prentice Hall .
   Google Scholar
• Tversky , A. and Kahneman , D. 1981 . The framing of decisions and the psychology of choice . Science , 211 : 453 – 458 .
   PubMed Web of Science ®Google Scholar
• Umanath , N. S. and Vessey , I. 1994 . Multiattribute data presentation and human judgment: a cognitive fit perspective . Decision Sciences , 25 ( 5/6 ) : 795 – 824 .
   Web of Science ®Google Scholar
• Vahidov , R. and Elrod , R. 1999 . Incorporating critique and argumentation in DSS . Decision Support Systems , 26 : 249 – 258 .
   Web of Science ®Google Scholar
• Wright , W. F. 1980 . Cognitive information processing biases: implications for producers and users of financial information . Decision Sciences , 11 ( 2 ) : 284 – 298 .
   Google Scholar
• Yates , J. F. 1990 . Judgment and Decision Making , Englewood Cliffs : Prentice-Hall .
   Google Scholar