Analysis and Evaluation of Effective Behavioral Biases in Investors' Decisions and Determining the Priority of Identified Categories from the Perspective of Experts using Demetel Technique and Analytic Hierarchy Process (AHP)

Each person's behavior is the basis for making his decisions in the financial arena, and mistakes in those behaviors will have many consequences. Recognizing the behaviors and consequently the decisions and behaviors of the individual has an important role in providing solutions to correct existing deviations. in order to explain the model, the interview method and the approach based on grounded theorizing, and to select the interviewees, the snowball sampling method has been used. After conducting 19 interviews with stock market activists during 1397 to 1398, theoretical saturation was obtained. Then, the most effective causal factors were determined and ranked based on the opinions of experts and using Demetel technique and Analytic Hierarchy Process (AHP), respectively.The extracted results were analyzed using Spss and Amos and showed that all biases have a direct and significant impact on investor decisions.