Behavioral Biases Inventory
Psychology: Cognition & EducationReliability: alphas 0.65–0.823 sample items
About this scale
A multi-item measure of common cognitive biases relevant to financial and managerial decision-making: overconfidence, anchoring, loss aversion, herding, and present bias.
Sample item(s)
“I am usually more confident in my predictions than my track record warrants (overconfidence)”
“I tend to focus on the first piece of information I receive (anchoring)”
“I feel losses much more strongly than equivalent gains (loss aversion)”
Reliability
Reported internal consistency: alphas 0.65–0.82. As a rule of thumb, Cronbach’s α ≥ .70 is considered acceptable, ≥ .80 good, and ≥ .90 excellent for established measures.
Notes
Comprehensive behavioural-bias measurement framework.
Source & citation
Pompian, M. M. (2006): Behavioral finance and wealth management: How to build optimal portfolios that account for investor biases. Wiley.
Source. Scale details are summarised from the publication cited above. Always consult the original source for the full item set, scoring, and permission to use.
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