Abstract
Introduction. In recent years, private investors have significantly increased their influence on the Russian securities market. Understanding the cognitive biases of private investors will help to fill the gap in research into cognitive decision biases in decision-making in investment behavior. Private investors participate in the placement of federal loan bonds and also support private enterprises through participation in corporate bonds. This study aims to test experimentally the impact of the framing effect (the effect of the ‘frame’ or information presentation format) on the decision-making of potential investors in securities trading. Methods. The sample comprised 20 adults aged 20–35 years (7 men and 13 women). Stimulus materials were presented on the Neurobureau platform for neurocognitive research and involved recording subjects’ videooculography using the GazePoint GP3 eye tracker (with the Neurobureau software). A total of 240 measurements were carried out. The experimental series consisted of 12 stimuli. Pairs of financial proposals were created, with differences provided only by different formulations and emotional and semantic features. Results. Using quantitative data analysis, significant differences were established between responses to stimuli of the same content but different wording. A step-by-step regression analysis confirmed the impact of the framing effect on economic decision-making. In qualitative data analysis, the proportion of attention to stimuli was determined using heat maps, which also confirmed the role of lexical forms and emotional connotations of the wording of company news (without changing objective information) in purchasing and selling shares or in not taking action. Discussion. The results of the experiment proved the impact of the framing effect on the decision-making of potential investors. Based on the obtained data, a conclusion is drawn on the importance of psychological factors in selecting and assessing information resources in the process of obtaining company news information.
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