Cognitive Biases in the Capital Investment Context

  • Sebastian Serfas


This chapter merges the two preceding chapters' fundamentals in order to examine the relevance of cognitive biases in the context of capital investments. The first part discusses preparatory theoretical considerations by describing, on a basic level, the effects of cognitive biases in several general business contexts. The second part addresses two illustrative case examples and their potential impact in a capital investment environment. Afterwards, the third part describes eight empirical experiments conducted for this thesis and analyzes their results. The last part of this chapter finally discusses potential conclusions and analyzes limitations with regard to the presented theoretical and empirical findings.


Capital Investment Cognitive Bias Business Unit Empirical Experiment Behavioral Finance 
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© Gabler Verlag | Springer Fachmedien Wiesbaden GmbH 2011

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  • Sebastian Serfas

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