Investment decision making from a constructivist perspective

Carlo Massironi (Studio Massironi Consulenza Finanziaria, Garda, Italy)
Marco Guicciardi (Department of Psychology, Cagliari University, Cagliari, Italy)

Qualitative Research in Financial Markets

ISSN: 1755-4179

Publication date: 4 October 2011



This paper aims to introduce the reader to investigate some aspects of investment decision making from a constructivist perspective.


The constructivist perspective is introduced in its dual nature of epistemology and of modelization. From constructivist epistemology, the paper mentions the corollaries of theoretical pluralism and cognitive pragmatism. From Kruglanski and Ajzen's Lay epistemology theory, the paper presents in more detail a constructivist modelization for the study and improvement of formal processes of investment decision making.


Beginning from the proposed framework, the paper indicates the lines for the development of a critical (or reflective) investment decision‐making attitude. This is an investment decision making which is able to reflect on its own constructs and cognitive processes in order to develop investment processes with a higher “constructivist awareness” and efficacy.


The proposed modelization can contribute to the work of those dedicated to the development of better formal processes of investment. The paper presents three examples of possible applications potentially useful for the improvement of the processes of asset valuation of value investors.



Massironi, C. and Guicciardi, M. (2011), "Investment decision making from a constructivist perspective", Qualitative Research in Financial Markets, Vol. 3 No. 3, pp. 158-176.

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Copyright © 2011, Emerald Group Publishing Limited

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