Aversão à Perda na Tomada de Decisão sob Risco entre Estudantes do Curso de Bacharelado em Administração

Abstract

This study analyzes the presence of decision-making patterns consistent with loss aversion, according to Prospect Theory, in the financial choices under risk of undergraduate Business Administration students at the Federal Institute of Pernambuco (IFPE), Igarassu Campus. The theoretical framework is based on the pioneering contributions of Behavioral Finance and Prospect Theory developed by Kahneman and Tversky. Methodologically, a descriptive and quantitative research was conducted. Data were collected through a structured questionnaire featuring financial decision-making scenarios adapted from classic literature, applied to a convenience sample of 95 undergraduate students. The results showed a strong presence of behavioral biases among the participants. The certainty effect was particularly evident in the domain of gains, where 82.11% of students prioritized guaranteed gains. Conversely, in the loss domain, the reflection effect was present, with 74.74% of respondents opting for the risky probabilistic alternative to avoid certain losses. However, contrary to the classic pattern, the reduction of probabilities in the domain of gains showed a continued preference for seeking a higher probability of return. The chi-square test and non-parametric analyses using the adherence score (sample mean of 5.66 points) revealed a lack of statistically significant association between decisions under risk and sociodemographic profiles or self-reported subjective risk perceptions. The results suggest that the technical knowledge from the Business Administration program, on its own, may not be sufficient to prevent the manifestation of behavioral patterns in students' decision-making processes, emphasizing the need for behavioral approaches in the pedagogical guidelines of financial education.