Bibliometric analysis of confirmation bias in investors
DOI:
https://doi.org/10.20401/rasi.11.3.1007Keywords:
Confirmation bias, Behavioral finance, Investments.Abstract
This research draws a bibliometric map and systematically reviews the literature on the field of research whereconfirmation bias has been investigated in its relations with the area of financial investments. The data was collected on the Web of Science platform and analyzed using bibliometric techniques of science mapping, performance analysis and networks using the Bibliometrix package in the R language. A critical evaluation of the data was carried out. The results point to the dispersion of research on confirmation bias in financial investments and suggest a growing trend in research in relation to the field of behavioral finance involving the areas of information and market.
Downloads
References
Abbas, A., Moosa, I., & Ramiah, V. (2022). The contribution of human capital to foreign direct investment inflows in developing countries. Journal of Intellectual Capital, 23(1), 9–26. https://doi.org/10.1108/JIC-12-2020-0388
Ahn, H. J., Cai, J., & Chung, J. M. (2010). Do Informed Traders Trade More When the Market Is Thick? Evidence from the Nikkei 225 Index Redefinition of April 2000*. Asia-Pacific Journal of Financial studieS, 39(4), 495–523. https://doi.org/10.1111/j.2041-6156.2010.01021.x
Andre, A. (2021). The concealed gift. Anthropological Theory, 21(1), 50–81. https://doi.org/10.1177/1463499620912964
Ardalan, K. (2004). On the theory and practice of finance. In: International Journal of Social Economics, 31(7), 684–705. https://doi.org/10.1108/03068290410540882
Aria, M., & Cuccurllo, C. (2022). Bibliometrix: bibliometrix for no coders.
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
Bacon, F. (2002). Novum organum. www.odialetico.hpg.com.br
Barberis, N., Thaler, R., Brunnermeier, M., Constantinides, G., Daniel, K., Harris, M., Huang, M., Lamont, O., Ritter, J., Shleifer, A., Stein, J., & Vuolteenaho, T. (2002). Nber Working Paper Series a Survey of Behavioral Finance. http://www.nber.org/papers/w9222
Bernoulli, D. (1954). Exposition of a new theory on the measurement of risk. Econometrica, 23–26.
Bird, G., Du, W., & Willett, T. (2017). Behavioral Finance and Efficient Markets: What does the Euro Crisis Tell us? Open Economies Review, 28(2), 273–295. https://doi.org/10.1007/s11079-017-9436-1
Bisiere, C., Decamps, J. P., & Lovo, S. (2015). Risk attitude, beliefs updating, and the information content of trades: an experiment. Management science, 61(6), 1378–1397. https://doi.org/10.1287/mnsc.2013.1886
Bogan, V., & Just, D. (2009). What drives merger decision making behavior? Don’t seek, don’t find, and don’t change your mind. Journal of economic behavior & organization, 72(3), 930–943. https://doi.org/10.1016/j.jebo.2009.08.007
Cafferata, A., & Tramontana, F. (2019). A financial market model with confirmation bias. Structural change and economic dynamics, 51, 252–259. https://doi.org/10.1016/j.strueco.2019.08.004
Caporale, G. M., Spagnolo, F., & Spagnolo, N. (2014). Discussion papers macro news and bond yield spreads in the euro area. http://www.diw.de/discussionpapers
Chang, Y. C., & Cheng, H. W. (2015). Information environment and investor behavior. Journal of banking & finance, 59, 250–264. https://doi.org/10.1016/j.jbankfin.2015.06.013
Charness, G., & Dave, C. (2017). Confirmation bias with motivated beliefs. Games and economic behavior, 104, 1–23. https://doi.org/10.1016/j.geb.2017.02.015
Choplin, J. M., & Stark, D. P. (2019). Whispering sweet nothings: a review of verbal behaviors that undermine the effectiveness of government-mandated home-loan disclosures. Cognitive research-principles and implications, 4. https://doi.org/10.1186/s41235-019-0154-7
Clarivate. (2020). Bases de dados para a busca de artigos e análises bibliométricas.
Costa, D. F., Carvalho, F. D., Moreira, B. C. D., & Do Prado, J. W. (2017). Bibliometric analysis on the association between behavioral finance and decision making with cognitive biases such as overconfidence, anchoring effect and confirmation bias. Scientometrics, 111(3), 1775–1799. https://doi.org/10.1007/s11192-017-2371-5
Costa, D. F., Carvalho, F. M., & Moreira, B. C. M. (2019). Behavioral economics and behavioral finance: a bibliometric analysis of the scientific fields. Journal of economic surveys, 33(1), 3–24. https://doi.org/10.1111/joes.12262
Costa, D. F., Carvalho, F. M., Moreira, B. C. M., & Silva, W. S. (2020). Viés de confirmação na tomada de decisão gerencial: um estudo experimental com gestores e contadores. Revista de contabilidade e organizações, 14, e164200. https://doi.org/10.11606/issn.1982-6486.rco.2020.164200
Coutts, A. (2019). Good news and bad news are still news: experimental evidence on belief updating. Experimental economics, 22(2), 369–395. https://doi.org/10.1007/s10683-018-9572-5
Denburg, N. L., Collins, S. M., Garcia, N. P., & Cole, P. (2022). Enhancing older adult financial decision making through the use of self-evaluation worksheets. Frontiers in psychology, 13. https://doi.org/10.3389/fpsyg.2022.790088
Devlin, m., & billings, a. C. (2018). Examining confirmation biases: implications of sponsor congruency. International journal of sports marketing and sponsorship, 19(1), 58–73.
Dibbets, P., Borger, L., & Nederkoorn, C. (2021). Filthy fruit! Confirmation bias and novel food. Appetite, 167, 105607. https://doi.org/10.1016/j.appet.2021.105607
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: an overview and guidelines. Journal of business research, 133, 285–296. https://doi.org/10.1016/j.jbusres.2021.04.070
Duong, C., Pescetto, G., & Santamaria, D. (2014). How value-glamour investors use financial information: uk evidence of investors’ confirmation bias. European journal of finance, 20(6), 524–549. https://doi.org/10.1080/1351847x.2012.722117
Eriksen, M. D., Fout, H. B., Palim, M., & Rosenblatt, E. (2020). Contract price confirmation bias: evidence from repeat appraisals. Journal of real estate finance and economics, 60(1–2), 77–98. https://doi.org/10.1007/s11146-019-09716-w
Fama, E. (1970). Efficient capital markets: a review of theory and empirical work. The journal of finance, 25(2), 383–417.
Fama, E. F. (1965). The behavior of stock-market prices. In source: the journal of business (vol. 38, issue 1). Https://www.jstor.org/stable/2350752
Fassin, Y., & Rosseau, R. (2019). The h(3) –index of academic journals. Malaysian journal of library & information science. Https://mjlis.um.edu.my/index.php/mjlis/article/view/19935/10428
Fessinger, M. B., & Mcauliff, B. D. (2020). A national survey of child forensic interviewers: implications for research, practice, and law. Law and human behavior, 44(2), 113–127. https://doi.org/10.1037/lhb0000368
Festinger, L., & Carlsmith, J. M. (1957). Cognitive consequences of forced compliance.
Fischer, P., Jonas, E., Frey, D., & Schulz-Hardt, S. (2005). Selective exposure to information: the impact of information limits. European journal of social psychology, 35(4), 469–492. https://doi.org/10.1002/ejsp.264
Geschke, D., Lorenz, J., & Holtz, P. (2019). The triple-filter bubble: using agent-based modelling to test a meta- theoretical framework for the emergence of filter bubbles and echo chambers. British journal of social psychology, 58(1), 129–149. https://doi.org/10.1111/bjso.12286
Hernandez, I., & Preston, J. L. (2013). Disfluency disrupts the confirmation bias. Journal of experimental social psychology, 49(1), 178–182. https://doi.org/10.1016/j.jesp.2012.08.010
Hsu, Y. L., Chen, H. L., Huang, P. K., & Lin, W. Y. (2021). Does financial literacy mitigate gender differences in investment behavioral bias? Finance research letters, 41. https://doi.org/10.1016/j.frl.2020.101789
Jonas, E., Schulz-Hardt, S., Frey, D., & Thelen, N. (2001). Confirmation bias in sequential information search after preliminary decisions: an expansion of dissonance theoretical research on selective exposure to information. Journal of personality and social psychology, 80(4), 557–571. https://doi.org/10.103700022-3514.80.4.557
Jones, M., & Sugden, R. (2001). Positive confirmation bias in the acquisition of information. Theory and decision, 50(1), 59–99. https://doi.org/10.1023/a:1005296023424
Kahneman, D., & Tversky, A. (1979). Prospect theory: an analysis of decision under risk. Econometrica, 42(2), 263–292. https://doi.org/10.2307/1914185
Kendall, M. G., & Hill, A. B. (1953). The analysis of economic time-series-part i: prices. Journal of the royal statistical society. Series a (general), 116(1). https://ssrn.com/abstract=2987866
Kloehn, L. (2009). Preventing excessive retail investor trading under mifid: a behavioural law & economics perspective. European business organization law review, 10(3), 437–454. https://doi.org/10.1017/s1566752909004376
Kowald, D., & Lex, E. (2016). Studying confirmation bias in hashtag usage on twitter. Proceedings of the 27th ACM conference on hypertext and social media, 237–242. https://doi.org/10.1145/2914586.2914617
Kruglanski, A. W. (1990). Lay epistemic theory in social-cognitive psychology. In: Psychological inquiry copyright. Lawrence erlbaum associates, Inc.
Kruglanski, A. W., Orehek, E., Dechesne, M., & Pierro, A. (2010). Lay epistemic theory: the motivational, cognitive, and social aspects of knowledge formation. Social and personality psychology compass, 4(10), 939– 950. https://doi.org/10.1111/j.1751-9004.2010.00308.x
Kruglanski, A. W., Raviv, A., Bar-Tal, D., Raviv, A., Sharvit, K., Ellis, S., Bar, R., Pierro, A., & Mannetti, L. (2005). Says who?: epistemic authority effects in social judgment. Advances in experimental social psychology, 37, 345–392. https://doi.org/10.1016/s0065-2601(05)37006-7
Kruglanski. A.W. (2012). Lay epistemic theory. Handbook of theories os social psychology, 1, 201–223.
Kunda, Z. (1987). Motivated inference: self-serving generation and evaluation of causal theories. In jounul of pfenonality and social psychology, 53(4).
Kunda, Z. (1990). The case for motivated reasoning. Psychological bulletin, 108(3).
Legoux, R., Leger, P. M., Robert, J., & Boyer, M. (2014). Confirmation biases in the financial analysis of it investments. Journal of the association for information systems, 15(1), 33–52.
Lehner, P. E., Adelman, L., Cheikes, B. A., & Brown, M. J. (2008). Confirmation bias in complex analyses. Ieee transactions on systems man and cybernetics part a-systems and, 38(3), 584–592. https://doi.org/10.1109/tsmca.2008.918634
Lockwood, B. (2017). Confirmation bias and electoral accountability. Quarterly journal of political science, 11(4), 471–501. https://doi.org/10.1561/100.00016037
Lockwood, J., Lockwood, L., Miao, H., Uddin, M. R., & Li, K. (2022). Does analyst optimism fuel stock price momentum? Journal of behavioral finance. https://doi.org/10.1080/15427560.2022.2025595
Lord, C. G., Ross, L., & Lepper, M. R. (1979). Biased assimilation and attitude polarization: the effects of prior theories on subsequently considered evidence. Journal of personality and social psychology, 37(issue 11).
Markowitz, H. (1952). Portfolio selection. The journal of finance, 7(1), 77. https://doi.org/10.2307/2975974
Mcgoun, E. G. (1992). On knowledge of finance. International review of financial analysis, 1(3), 161–177. https://doi.org/10.1016/1057-5219(92)90002-l
Mendes, M. S., & Lucena, W. G. L. (2023). Legibilidade e o mercado financeiro: uma revisão sistemática da literatura. Revista de administração, contabilidade e economia da fundace, 14(3). https://doi.org/10.13059/racef.v14i3.1053
Modgil, S., Singh, R. K., Gupta, S., & Dennehy, D. (2024). A confirmation bias view on social media induced polarisation during covid-19. Information systems frontiers, 26(2), 417–441. https://doi.org/10.1007/s10796- 021-10222-9
Modigliani, F., & Miller, H. Merton. (1961). Dividend policy, growth, and the valuation of shares. The journal of business, 34, 411–433.
Modigliani, F., & Miller, M. H. (1959). The cost of capital, corporation finance, and the theory of investment: reply. The american economic review, 49(4), 655–669.
Mohammadi, E., & Thelwall, M. (2014). Mendeley readership altmetrics for the social sciences and humanities: research evaluation and knowledge flows. Journal of the association for information science and technology, 65(8), 1627–1638. https://doi.org/10.1002/asi.23071
Moral-Muñoz, J. A., Herrera-Viedma, E., Santisteban-Espejo, A., & Cobo, M. J. (2020). Software tools for conducting bibliometric analysis in science: an up-to-date review. In profesional de la informacion, 29(1). https://doi.org/10.3145/epi.2020.ene.03
Mynatt, C. R., Doherty, M. E., & Tweney, R. D. (1977). Confirmation bias in a simulated research environment: an experimental study of scientific inference. Quarterly journal of e@erimental psychology, 85–95.
Nakhaeizadeh, S., Dror, I. E., & Morgan, R. M. (2014). Cognitive bias in forensic anthropology: visual assessment of skeletal remains is susceptible to confirmation bias. Science & justice, 54(3), 208–214. https://doi.org/10.1016/j.scijus.2013.11.003
Nickerson, R. S. (1998). Confirmation bias: a ubiquitous phenomenon in many guises. Review of general psychology, 2(2).
Nordlund, B., Lorentzon, J., & Lind, H. (2022). A note on auditing fair value of investment properties. Journal of property investment & finance, 40(1), 77–84. https://doi.org/10.1108/jpif-01-2021-0009
Ossareh, A., Pourjafar, M. S., & Kopczewski, T. (2021). Cognitive biases on the iran stock exchange: unsupervised learning approach to examining feature bundles in investors’ portfolios. Applied sciences-basel, 11(22). https://doi.org/10.3390/app112210916
Page, M. J., Mckenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., Shamseer, L., Tetzlaff, J. M., Akl, E. A., Brennan, S. E., Chou, R., Glanville, J., Grimshaw, J. M., Hróbjartsson, A., Lalu, M. M., Li, T., Loder, E. W., Mayo-Wilson, E., Mcdonald, S., et al. (2021). The prisma 2020 statement: an updated guideline for reporting systematic reviews. The BMJ, 372. https://doi.org/10.1136/bmj.n71
Park, J., Konana, P., Gu, B., Kumar, A., & Raghunathan, R. (2013). Information valuation and confirmation bias in virtual communities: evidence from stock message boards. Information systems research, 24(4), 1050–1067. https://doi.org/10.1287/isre.2013.0492
Perera, D., Chand, P., & Mala, R. (2020). Confirmation bias in accounting judgments: the case for international financial reporting standards for small and medium-sized enterprises. Accounting and finance, 60(4), 4093– 4119. https://doi.org/10.1111/acfi.12523
Pessin, V. Z., Yamane, L. H., & Siman, R. R. (2022). Smart bibliometrics: an integrated method of science mapping and bibliometric analysis. Scientometrics, 127(6), 3695–3718. https://doi.org/10.1007/s11192-022- 04406-6/figures/12
Pranckutė, R. (2021). Web of Science (WoS) and Scopus: The Titans of Bibliographic Information in Today’s Academic World. Publications, 9(1). https://doi.org/10.3390/PUBLICATIONS9010012
R core team. R: a language and environment for statistical computing. R foundation for statistical computing, vienna, austria, 2023. Disponível em: https://www.r-project.org/.
Rabin, M., & Schrag, J. L. (1999). First impressions matter: a model of confirmatory bias*. http://qje.oxfordjournals.org/
Raviv, A., Bar-Tal, D., Raviv, A., & Abln, R. (1993). Measuring epistemic authority: studies of politicians and professors. European journal of personality, 7.
Remmerswaal, D., Huijding, J., Bouwmeester, S., Brouwer, M., & Muris, P. (2014). Cognitive bias in action: evidence for a reciprocal relation between confirmation bias and fear in children. Journal of behavior therapy and experimental psychiatry, 45(1), 26–32. https://doi.org/10.1016/j.jbtep.2013.07.005
Ross, S. A. (1988). Comment on the modigliani-miller propositions. Source: the journal of economic perspectives, 2(4).
Schwind, C., Buder, J., Cress, U., & Hesse, F. W. (2012). Preference-inconsistent recommendations: an effective approach for reducing confirmation bias and stimulating divergent thinking? Computers and education, 58(2), 787–796. https://doi.org/10.1016/j.compedu.2011.10.003
Sharpe, W. F. (1964). Capital asset prices: a theory of market equilibrium under conditions of risk. The journal of finance, 19(3), 425–442.
Shiller, R. J. (1981). Do stock prices move too much to be justified by subsequent changes in dividends? The American Economic Review, 71(3).
Silva, L. S. C. V., Kaczam, F., Silva, D. J. C., Silva, B. N., & Lucena, W. G. L. (2022). Revisão sistemática de literatura sobre a relação entre inovação e desempenho financeiro das startups. Exacta. https://doi.org/10.5585/exactaep.2022.20997
Silva, M. S. T., Oliveira, V. M., & Correia, S. É. N. (2022). Scientific mapping in scopus with bibliometrix: a bibliometric analysis of organizational tensions. Contextus – revista contemporânea de economia e gestão, 20, 54–71. https://doi.org/10.19094/contextus.2022.72151
Simon, H. A. (1955). A behavioral model of rational choice. The quarterly journal of economics, 69(1). https://doi.org/10.2307/1884852
Simon, H. A. (1956). Rational choice and the structure of the environment. Psychological review, 63(2), 129–138. https://doi.org/10.1037/h0042769
Simon, H. A. (1979). Rational decision making in business organizations. The American Economic Review, 69(4).
Sirelkhatim, F., & Gangi, Y. (2015). Entrepreneurship education: a systematic literature review of curricula contents and teaching methods. Cogent business and management, 2(1). https://doi.org/10.1080/23311975.2015.1052034
Statman, M., & Klimek, G. (2004). Normal investors, then and now. Financial Analysts Journal, 61(2), 31-37.
Steingraber, R., & Fernandez, R. G. (2013). A racionalidade limitada de herbert simon na microeconomia. Revista da Sociedade Brasileira de Economia Política, 34, 123-162.
Thaler, R. H. (1987). Anomalies the january effect why a feature on anomalies? Journal of economic perspectives, 1(1), 197-201.
Trichilli, Y., Gaadane, S., Abbes, M. B., & Masmoudi, A. (2022). Impact of the confirmation bias on returns, expectations and hedging of optimistic and pessimistic traders before and during covid-19 pandemic. EuroMed Journal of Business, 19(2), 338-365. https://doi.org/10.1108/emjb-03-2022-0046
Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: heuristics and biases biases in judgments reveal some heuristics of thinking under uncertainty. Science, 185(4157), 1124-1131.
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
Tversky, A., & Kahneman, D. (1981). The framing of decisions and the psychology of choice. Science, 211(4481), 453-458. http://science.sciencemag.org/
Van Raan, A. F. J. (2014). Advances in bibliometric analysis: research performance assessment and science mapping. Bibliometrics Use and Abuse in the Review of Research Performance, 87(4), 17-28.
Wason, P. C. (1968). Reasoning about a rule. The quarterly journal of experimental psychology, 20(3), 273–281. https://doi.org/10.1080/14640746808400161
Yoshinaga, C. E., Oliveira, R. F., Silveira, A. D. M., Ayres, L., De, B., & Barros, c. (n.d.). Finanças comportamentais: uma introdução ensaio-finanças. Revista de Gestão USP, 15(3), 25-35.
Zaleskiewicz, T., & Gasiorowska, A. (2018). Tell me what i wanted to hear: confirmation effect in lay evaluations of financial expert authority. Applied psychology-an international review-psychologie appliquee-revue, 67(4), 686–722. https://doi.org/10.1111/apps.12145
Zaleskiewicz, T., & Gasiorowska, A. (2021). Evaluating experts may serve psychological needs: self-esteem, bias blind spot, and processing fluency explain confirmation effect in assessing financial advisors’ authority. Journal of experimental psychology-applied, 27(1), 27–45. https://doi.org/10.1037/xap0000308
Zaleskiewicz, T., Gasiorowska, A., Stasiuk, K., Maksymiuk, R., & Bar-Tal, Y. (2016). Lay evaluation of financial experts: the action advice effect and confirmation bias. Frontiers in psychology, 7. https://doi.org/10.3389/fpsyg.2016.01476
Zhu, J., & Liu, W. (2020). A tale of two databases: the use of web of science and scopus in academic papers. Scientometrics, 123(1), 321–335. https://doi.org/10.1007/s11192-020-03387-8/tables/3
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Review of Administration, Society and Innovation

This work is licensed under a Creative Commons Attribution 4.0 International License.
RASI, in accordance with Law No. 9,610 of February 19, 1998, which amends, updates and consolidates Brazilian copyright law and makes other provisions, adopts the following conditions of the Copyright Assignment:
1. RASI maintains, with the transfer of copyrights, the possession of rights over the content published;
2. The author retains his moral rights of the content, including the right to be identified as the author whenever the content is published;
3. Despite the attribution of copyright, the author retains the right to reuse the material in future collections of his own work without encumbrance. The acknowledgments of the previous publication in the RASI are the only requirements in such cases;
4. The author may make photocopies of the content, or distribute it by electronic mail or fax, provided that they are intended for their own classes and for the purpose of meeting research objectives, provided that: (a) such copies are not resold and (b) reference to the original source of the publication and the name of the RASI are clearly indicated on all copies made of the document.