Behavioural finance also proves that investors’ decisions are affected by cognitive biases, emotional biases, and social biases. These biases result in a departure from the traditional assumption of rational decision-making in finance. Several studies have been carried out on biases such as overconfidence, loss aversion, herding behaviour, anchoring effect, mental accounting, and representativeness. However, research in the field of behavioural finance is fragmented. Few studies compare and rank the biases on the basis of their frequency in the research works carried out in the field. The current study attempts to bridge the gap by conducting a systematic review of over 80 peer-reviewed research articles published between 2011 and 2025. The articles were retrieved from major international and Indian academic databases. Content analysis and descriptive frequency analysis were used to identify the behavioural biases on investors’ decisions. The findings reveal that the overconfidence bias is the most researched bias. Herding behaviour and loss aversion are the second and third most researched biases. Anchoring effect, emotional bias, and confirmation bias receive moderate research attention. Mental accounting, disposition effect, availability heuristic, and representativeness are less researched biases but are important from a theoretical perspective.
Prakash et al. (2026) studied this question.