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A separate study of the different behavioral biases does not allow for a full understanding of the complexity and stability of the heterogeneity of beliefs. Therefore, through a more global view of these anomalies, the authors wish to show that they can converge on a single concept, which is the heterogeneity of beliefs.

It is therefore essential to stress that the importance of this study is mainly reflected in the methodological approach used in the construction and analysis of the map and not only in the results achieved. This contribution states that structural analysis, as a means of building the cognitive map, can facilitate the task of investors and other decision-makers, in the identification and analysis of the heterogeneity of beliefs that can therefore guide investors' strategy in decision-making.

The authors have studied the behavior of the investor and its way of interpreting the information and the authors have emphasized the value of studying the concept of heterogeneity of beliefs in its complexity. So that part of the work seems to be relevant and crucial to filling, if you will, that void. In this sense, the authors have shown that behavioral abnormalities are multidimensional concepts: “self-deception”, “cognitive bias”, “emotional bias” and “social bias”.

In particular, this article will aim to achieve the objective of proposing a model for measuring the heterogeneity of beliefs. Thus, the authors want to show that the heterogeneity of beliefs can be measured directly through the different behavioral anomalies.

Financial theory is based on the assumption of rationality of individuals. Defenders of behavioral finance recommend that the rationality hypothesis of efficiency theory is too narrow and irrelevant (Barberis and Thaler, 2002). The irrationality of the investor is reflected in his choice and his behaviour. However, his choice depends on the way the problem is formulated and described. The irrational investor does not think in terms of final wealth but rather in terms of gains and losses.

This research is interested in the methods of classification of the investors in homogeneous groups. In the study, the classification method used to group individual in the sample is the dynamic aggregation method. However, to identify the number of groups to use in this method, the authors also used the hierarchical method on a sub-sample. Thus, to this end the authors present a topological analysis to test the hypothesis of the heterogeneity of Tunisian investor groups in terms of belief.

The results suggest that the majority of investors are quite irrational. Therefore, the Tunisian investor considers itself irrational because of the presence of several anomalies in its behavior.

This research proposes to help identify the variables that are truly determining in the process of interpreting information. The authors wish to formulate recommendations for the use of information, in order to help professionals and investors in the orientation of the investment strategy. In particular, the authors attempt to indicate the variables to which attention should be paid. In addition, behavioral financial analysis is useful for investors. Thus, taking into account certain irrational phenomena is important to make a decision. In addition, it allows to better identify the investor's own shortcomings and to detect certain negative trends.