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The environment of financial decision making is frequently
characterized by its complexity and uncertainty. This context
makes investors prioritize their intuition over rationality
postulated by modern finance theories. These theories are
based on assumptions that the investor is rational, risk-averse
and uses the utility curve to maximize his well-being
Markowitz (1952) [1], Fama (1970) [2], Sharpe (1963) [3].
Traditional and modern finance are concerned about finding
rational solutions for decision problems caused by investor´s
behavior through the development of assumptions and tools
Baker and Nofsinger (2002) [4]. Behavioral finance, in turn,
refers to a new science that encompasses finance concepts and
cognitive psychology, with the primary objective to
understand and predict systematic financial market
implications of the psychological process of decision making
Olsen (1998) [5]. Behavioral finance is what Thaler (1998)
[6], calls an open-minded-finance, because it studies the
possibility that some agents in the economy behave sometimes
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