Análisis bibliométrico del heurístico de la disponibilidad en las finanzas conductuales y el mercado de valores (1992–2025): Bibliometric Analysis

nicol slendy Muñoz Guevara

doi:10.37211/2789.1216.v3.n2.155

Authors

universidad de investigación y desarrollo universidad de investigación y desarrollo https://orcid.org/0009-0008-4716-2011

DOI:

https://doi.org/10.37211/2789.1216.v3.n2.155

Abstract

This study presents a bibliometric analysis of the availability heuristic within Behavioral Finance as applied to the stock market, covering the period from 1992 to 2025/1. The data were retrieved from the Scopus database (Elsevier, n.d.), initially identifying 833 documents, which were refined to a final sample of 405 scientific articles. Using the VOSviewer tool (Van Eck & Waltman, 2010), maps were generated to visualize co-authorship networks, keyword co-occurrence, and citation patterns, along with graphs illustrating the evolution of scientific output in this field. The analysis revealed key thematic clusters, including the relationship between the availability heuristic and concepts such as prospect theory (Kahneman & Tversky, 1979) and decision-making (Tversky & Kahneman, 1974).

Influential authors such as Maqsood Ahmad (Ahmad, 2021), Jinesh Jain (Jain, 2020), Robert Durand (Durand, 2011), David Hirshleifer (Hirshleifer & Teoh, 2003), Timothy Pollock (Pollock & Rindova, 2003), and David Laibson (Laibson, 1997) were identified for their significant contributions to the field. The findings highlight gaps in the literature, particularly regarding geographic diversity and methodological approaches. Overall, this study offers an updated and structured overview of the state of the art and suggests new directions for future research in behavioral finance.

Downloads

Download data is not yet available.

Author Biography

universidad de investigación y desarrollo, universidad de investigación y desarrollo

Sixth-semester student in the Business Administration program at the University of Research and Development (UDI). She has actively participated in research groups for four semesters, working on projects in areas such as marketing, human resources, and business models. She has experience conducting case studies applied to real business contexts, as well as writing academic articles with a bibliometric approach. Recognized with the Excellence Badge in Accounting Areas, and has participated in research internships, strengthening her skills in strategic analysis, research methodologies, and scientific dissemination.

References

Ahmad, M. (2021). Behavioral Biases and Investment Decisions: Evidence from Emerging Markets. Review of Behavioral Finance, 13(2), 145–162. https://doi.org/10.1108/RBF-05-2020-0108

Aria, M., & Cuccurullo, C. (2017). Bibliometrix: An R-tool for Comprehensive Science Mapping Analysis. Journal of Informetrics, 11(4), 959–975. https://doi.org/10.1016/j.joi.2017.08.007

Baker, M., & Wurgler, J. (2007). Investor Sentiment in the Stock Market. Journal of Economic Perspectives, 21(2), 129–151. https://doi.org/10.1257/jep.21.2.129

Barber, B., & Odean, T. (2001). Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment. The Quarterly Journal of Economics, 116(1), 261–292. https://doi.org/10.1162/003355301556400

De Bondt, W., & Thaler, R. (1985). Does the Stock Market Overreact? The Journal of Finance, 40(3), 793–805. https://doi.org/10.1111/j.1540-6261.1985.tb05004.x

Durand, R. (2011). Behavioral Finance: Insights into Irrational Minds and Markets. Journal of Financial Planning, 24(6), 42–50. https://www.proquest.com/docview/868640406

Fuster, A., & Zafar, B. (2021). The Sensitivity of Beliefs to Information and Its Implications for Behavior. American Economic Review, 111(5), 1452–1485. https://doi.org/10.1257/aer.20191717

Hirshleifer, D., & Teoh, S. (2003). Limited Attention, Information Disclosure, and Financial Reporting. Journal of Accounting and Economics, 36(1–3), 337–386. https://doi.org/10.1016/j.jacceco.2003.10.002

Jain, J. (2020). Investor Psychology and Decision-Making: A Behavioral Perspective. International Journal of Finance and Economics, 25(3), 310–325. https://doi.org/10.1002/ijfe.1761

Kahneman, D. (2011). Thinking, Fast and Slow. Farrar, Straus and Giroux.

Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), 263–291. https://doi.org/10.2307/1914185

Laibson, D. (1997). Golden Eggs and Hyperbolic Discounting. The Quarterly Journal of Economics, 112(2), 443–478. https://doi.org/10.1162/003355397555253

Odean, T. (1998). Are Investors Reluctant to Realize Their Losses? The Journal of Finance, 53(5), 1775–1798. https://doi.org/10.1111/0022-1082.00072

Pollock, T., & Rindova, V. (2003). Media Legitimation Effects in the Market for Initial Public Offerings. Academy of Management Journal, 46(5), 631–642. https://doi.org/10.5465/30040654

Pompian, M. (2006). Behavioral Finance and Wealth Management: How to Build Optimal Portfolios that Account for Investor Biases. Wiley.

Ricciardi, V., & Simon, H. (2000). What is Behavioral Finance? Business, Education & Technology Journal, 2(2), 1–9. https://www.researchgate.net/publication/228272952_What_is_Behavioral_Finance

Ritter, J. (2003). Behavioral Finance. Pacific-Basin Finance Journal, 11(4), 429–437. https://doi.org/10.1016/S0927-538X(03)00048-9

Shefrin, H. (2000). Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing. Harvard Business School Press.

Shiller, R. (2003). From Efficient Markets Theory to Behavioral Finance. Journal of Economic Perspectives, 17(1), 83–104. https://doi.org/10.1257/089533003321164967

Thaler, R. (1985). Mental Accounting and Consumer Choice. Marketing Science, 4(3), 199–214. https://doi.org/10.1287/mksc.4.3.199

The Decision Lab. (2025). Heurística de Disponibilidad. Recuperado el 19 de noviembre de 2025, de https://thedecisionlab.com/languages/es-es/biases/availability-heuristic

Tversky, A., & Kahneman, D. (1973). Availability: A Heuristic for Judging Frequency and Probability. Cognitive Psychology, 5(2), 207–232. https://doi.org/10.1016/0010-0285(73)90033-9

Tversky, A., & Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases. Science, 185(4157), 1124–1131. https://doi.org/10.1126/science.185.4157.1124

Van Eck, N., & Waltman, L. (2010). Software Survey: VOSviewer, a Computer Program for Bibliometric Mapping. Scientometrics, 84(2), 523–538. https://doi.org/10.1007/s11192-009-0146-3

Walia, N., & Kiran, R. (2009). Influence of Behavioral Biases on Investor Decision-Making: A Survey of Indian Investors. International Journal of Business and Management, 4(5), 124–133. https://doi.org/10.5539/ijbm.v4n5p124

Wu, Q., & Zhang, Y. (2016). Investor Sentiment and Stock Returns: Evidence from China. Emerging Markets Finance and Trade, 52(3), 673–688. https://doi.org/10.1080/1540496X.2015.1047307