Investors’ Demography and Behavioral Biases: Evidence from Retail Equity Investors of Silchar, Assam

DOI

10.2991/978-2-38476-561-4_17How to use a DOI?

Keywords

Behavioral biases; Demographic variables; Equity Investors; “overconfidence bias”; Gender

Abstract

In the continuous development of Indian financial market, equity investors are now having a variety of investment opportunities. In the rapid change of financial market, investors’ preferences and decision making pattern has also changed. A deep understanding on the changing behavior of decision making is essential for more specialized financial services. The study attempts to explore the presence of psychological biases among equity investors of Silchar city of Barak Valley region of Assam, India. Further, this study assesses the variation among demographic variables in respect to behavioral biases of the individual investors. Responses were collected through structured questionnaire following a snowball sampling technique. The findings from the statistical tests like “independent sample t-test” and “one way ANOVA” identified significant differences in psychological biases across investors’ demographic profile. Hindsight bias, mental accounting, and anchoring bias among female respondents were more as compared to male respondents. “overconfidence bias” and optimism bias were found significantly influenced by the age group of the investors. Finally, findings from “multiple regression analysis” confirmed that demographic variablessignificantly affect behavioral biases of the investors, specifically a moderate portion of variation was observed in loss aversion bias and “overconfidence bias”.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Poonam Das
AU  - Amit Kumar Das
PY  - 2026
DA  - 2026/04/23
TI  - Investors’ Demography and Behavioral Biases: Evidence from Retail Equity Investors of Silchar, Assam
BT  - Proceedings of the Indo-Bhutan Social Science Conference 2025 (IBSSC 2025)
PB  - Atlantis Press
SP  - 178
EP  - 191
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-561-4_17
DO  - 10.2991/978-2-38476-561-4_17
ID  - Das2026
ER  -