Generation Z har under sin korta tid som investerare på den finansiella marknaden varit med om en säregen börskrasch till följd av coronapandemin 2020. Börskraschen 2020 var unik i förhållande till tidigare börskrascher såsom IT-kraschen 2000 och finanskrisen 2008 eftersom marknaden återhämtade sig och nådde nya rekordnivåer inom ett halvår. Samtidigt stod svenska investerare under de första månaderna av 2022 inför ett nytt ras där den genomsnittliga aktien på Stockholmsbörsen sjunkit med ungefär 36% från dess högsta nivå under perioden 2020–2022 till följd av en hög inflationstakt samt Rysslands invasion av Ukraina. Forskningen kring den yngsta gruppen investerare, generation Z, som saknar erfarenhet av långvariga osäkra marknadsförhållanden är bristfällig och ger därmed upphov till en ny grupp investerare att studera. Studiens syfte är att studera hur riskbenägenhet samvarierar med börspsykologiska bias, kognitiv reflektionsförmåga och erfarenhet från tidigare finansiella kriser samt hur dessa faktorer skiljer sig mellan generation Z och tidigare generationer. Studien finner att generation Z till större del faller för samtliga börspsykologiska bias förutom överreaktion och visar på ett flertal signifikanta skillnader mellan generation Z och äldre generationer. Resultatet visar även att anchoring och konfirmeringsbiassamvarierar signifikant med riskbenägenhet och att den största skillnaden mellan generation Z och äldre generationer kan hänföras till börspsykologiska bias. / Generation Z has during their short time as investors experienced a market crash due to the covid-pandemic in 2020 but also a quick recovery in the same year where the market reached a new all-time high. The market crash in 2020 was unique compared to the crash following the burst of the Dot-com bubble in 2000 and the financial crisis in 2008 because of the quick recovery of the stock market that led to new all-time highs. However, during the first months of 2022, Swedish investors were once again experiencing a market crash where the average stock on the Stockholm stock exchange had lost more than 36% of its value since their peak between 2020-2022 due to high inflation and Russia’s invasion of Ukraine. The youngest group of investors, generation Z, lacks experience from long-lasting uncertainties in the stock market. Research regarding generation Z is insufficient which gives rise to a new group of investors to study. The purpose of the thesis is to study the relationship between risk tolerance and psychological biases, cognitive reflection and experience from previous stock market crashes and how these factors differ between generation Z and older generations. The thesis finds that generation Z is indicated to be more affected by every psychological bias except overreaction and finds several significant differences between generation Z and the older generations. The result also shows that confirmation bias and anchoring have a significant relationship to risk tolerance and that the largest differences between generation Z and older generations are derived from psychological biases.

[pt] O objetivo geral do presente estudo é sustentar que a consideração da literatura existente sobre julgamento e tomada de decisão (JTD), oriunda da psicologia e das ciências cognitivas, (i) não apenas confirma a direção acertada de nosso modelo constitucional de processo democrático pautado em um contraditório substancial, como também (ii) demonstra-se imprescindível ao seu aprimoramento. De início, apresentam-se os contornos teóricos daquilo que se entende por processo judicial democrático, focando-se no desenvolvimento dos principais (e novos) aspectos relacionados ao princípio do contraditório - garantidor do fluxo discursivo que permite a construção conjunta (comparticipada e policêntrica) da decisão. Passado o referido ponto, o estudo converge para o terreno da psicologia e das ciências cognitivas. Parte-se das mais conhecidas pesquisas sobre as limitações do raciocínio humano. Posteriormente, introduz-se a provocativa (e recente) teoria sobre o entendimento humano, formulada por Dan Sperber e Hugo Mercier (teoria interacionista do raciocínio). Ao final, concluise que tais estudos e experimentos - intimamente ligados à cognição individual e aos aspectos da deliberação coletiva – nos permitem lançar um novo olhar sobre diversas questões atinentes à (efetiva) adoção de um modelo de processual democrático. / [en] The general purpose of this study is to sustein that the consideration of the existing literature on judgment and decision making, from psychology and cognitive sciences, (i) not only endorses our constitutional model of democratic process, based on a substantial adversarial mechanism, while also (ii) proves to be essential to its improvement. At first, the theoretical contours of what should be understood by a democratic judicial process are presented, focusing on the development of the main (and new) aspects related to the adversarial principle - guarantor of the discursive flow that allows the joint construction (co-participated and polycentric) of the decision. Thereafter, the study steps into psychology and cognitive sciences domain. It is starts with the most acknowledged researches in about the limitations of the human reasoning. Later on, Dan Sperber and Hugo Mercier s recent provocative theory of human understanding is introduced (the interactionist theory of reasoning). Finally, it is concluded that such studies and experiments - intimately connected to individual cognition and the aspects of collective deliberation - allow us to acquire a new perspective over several of pertaining topics related to the (effective) adoption of a democratic procedural model.