Scoping Review of Behavioural Biases

Gizelle D. Willows () and Dan Hart
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Gizelle D. Willows: University of Cape Town
Dan Hart: University of Cape Town

A chapter in Innovations in Finance, 2026, pp 33-39 from Springer

Abstract: Abstract The field of behavioural finance has grown in prominence, resulting in fast-paced increases in the literature on behavioural biases and how they impact investment decision-making and returns. However, the existing literature landscape reveals conflicting findings. This study uses a scoping review methodology across two searches and databases to clarify conflicting findings. Two hundred and fifty-three (253) records were reviewed to present a list of biases significantly impacting individual and institutional investor decision-making, highlighting the differences between the two types of investors. We identify biases that significantly impact individual and institutional investors, often negatively influencing returns. Some biases are affected by market conditions, including frontier, developing, and developed markets, while others are interrelated. Our findings offer a much-needed consensus in the literature and lay the groundwork for future research on mitigating and managing behavioural biases.

Keywords: Behavioural biases; Investment decision making; Investment returns; Scoping review (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-032-19314-8_4

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DOI: 10.1007/978-3-032-19314-8_4

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