Evaluation of Behavioral Biases Affecting Investors’ Decision-Making by Fuzzy Analytic Hierarchy Process

The purpose of the present study is to evaluate behavioral biases affecting investors’ decision-making by fuzzy analytic hierarchy process. This research is a case study in terms of data collection and it is descriptive-explorative in methodology. Regarding purpose, this study is classified in the group of applied research. The statistical population included all the active clients (around 300) of Yasouj stock exchange firm. The sample size was calculated to be 168 by Cochran formula. In this research, a snowball sampling method was used and data collection tools were Delphi and pairwise comparison questionnaires. For data analysis, multi-criteria decision-making techniques such as fuzzy-AHP were used. The research data were analyzed by Super Decision software. Prioritization of behavioral biases affecting investor’ decisions showed that overconfidence bias (0.235) is in the 1st level, aversion bias (0.168) is in the 2nd level, and mental accounting bias (0.149) is in the 3rd level. Moreover, availability bias (0.119) is in the 4th level, agency bias (0/108) is in the 5th level, regret bias (0.095) is in the 6th level, anchoring bias (0.073) is in the 7th level and finally, herding bias (0.054) is in the 8th level.