Belirsizlik Ve Risk Altında Karar Alma Problemini Geleneksel Ve Davranışsal Finans Perspektiflerinden Değerlendirme

Hisse senedi yatırımcılarının en büyük arzuları menkul kıymetlerin gelecekteki fiyatlarını doğru tahmin etmek ve isabetli kararlar almaktır. Finansal karar alma geleceğe yönelik bir eylem olduğu için belirsizlik ve risk unsurlarını içinde barındırır. Bu kararları alacak olan birey ise finansal sistemin temel aktörüdür. İlk olarak günümüzde finansal piyasalarda yaşanan gelişmeleri açıklamakta son derece yetersiz olan geleneksel finans teorileri incelenmiştir. Çalışmanın devamında psikoloji, sosyoloji ve finans bilimleri arasında adeta bir köprü kurmuş olan davranışsal finans yaklaşımı incelenmiştir. Davranışsal finans, rasyonel bireye karşılık duygularından etkilenebilen bir birey tanımlamıştır. Küreselleşmeyle birlikte yeni bir dünya düzeni kurulmuştur. Teknolojik gelişmeler ise sanılanın aksine riskleri daha da arttırmıştır. Mevcut finansal araçlar ve yasal düzenlemeler bu yeni düzen için artık yeterli değildir. Yeni bir finansal düzen kurabilmek için yatırımcıların finansal kararlarını alırken hangi faktörlerden etkilendiklerini ve bu faktörlerin piyasalarda hangi riskleri oluşturduklarını iyi analiz etmek gerekmektedir. Aksi takdirde bu risklerden korunacak yeni araçlar geliştirmek mümkün olmayacaktır.

Evaluation The Problem Of Decision Making Under Uncertainty And Risk From The Perspectives Of Traditional And Behavioral Finance

The greatest desires of the share investors are to predict the accurate future prices of the stocks and to take appropriate decisions. Becouse of financial decision making is an action which is directed towards future, includes uncertainty and risk compenents. The individual who will take these decisions is the main actor of the financial system. Initially, the traditional financial theories, which are exceedingly insufficient to explain the nowadays events are investigated. The study continues with research of behovioral finance approach, which has built sort of a bridge between psychology, sociology and finance sciences. Behavioral finance has defined an individual which can be affected from his emotions contrast to rational individual. A new world order formed with globalisation. Technological developments as for has increased the risks contrast with expected. Present financial tools and legal arrangements are not sufficient any more for this new system. In order to be able to form a new financial order, well analyze is required about the factors which affect the investors while they are making financial decisions and the risks which are formed by these factors. Otherwise, it will be impossible to develop new financial tools for avoiding these risks.

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