Exploration of Behavioral Patterns and Cognitive Biases among Stock Market Investors

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Presented at HICSS 2025 by

Celina Olszak

Maciej Tkacz

Paweł Weichbroth

Jozef Zurada

This study aims to explore behavioral patterns and cognitive biases among stock market investors. By analyzing investor behavior through a stock market simulator, the research seeks to understand the impact of cognitive biases on investment decisions. The methodology encompasses a detailed analysis of transaction data to identify prevalent patterns and biases. Findings suggest that biases such as overconfidence, representativeness heuristic, gambler’s fallacy, and herd mentality significantly influence investor behavior.