A Biblometric Study on Behavioral Finance and Behavioral Biases in the Context of India

Abstract

Behavioural Finance has emerged as a branch of finance which proposes psychology based theories aimed at understanding why people make certain financial choices which includes judgemental errors. One of the major reasons behind these errors is behavioural biases. Behavioural bias is a tendency of an individual to make judgemental errors while making financial decisions. There are various kinds of behavioural biases like overconfidence bias, confirmation bias, anchoring bias, cognitive dissonance, regret aversion, disposition affect, availability bias and herding bias. Hence,behavioural biases are considered as the building blocks of behavioural finance which significantly influence the financial decision making process. But studies related to behavioural finance and behavioural biases are very limited in India. The main objective of the paper is to find out through bibilometric analysis the position of India across the world in the field of BehavioralFinanceandbehavioral biases affecting the investment decision making.