Research Information System
WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS, vol.22, pp.261-269, 2025 (Scopus)
Behavioral economics is a subfield of economics that reveals how individuals' economic decisions
are influenced by cognitive, emotional, and psychological factors. In behavioral economics, individuals are not
only seen as actors who interpret economic indicators and make rational decisions but they are also considered
in terms of their emotions and motivations. Therefore, behavioral economics investigates how certain
emotional and psychological motivations affect economic decisions. Behavioral finance theory, from the same
perspective, examines the financial decisions individuals make within the context of psychological and
emotional variables. In behavioral finance theory, the most important emotional determinant is the concept of
"expectation." In this context, the study investigates how the concept of "expectation" is addressed in studies
examining the field of behavioral finance theory using the bibliometric analysis method. This research
examines databases such as Web of Science, Scopus, and Google Scholar between the years 1985-2022, based
on criteria such as the number of publications, citations, leading authors, countries, and institutions, aiming to
reveal the evolution of the concept of expectation over time. In this regard, the study finds that the effects of the
concept of expectation in behavioral finance theory have been examined more frequently since the 2000s.
These studies primarily focus on risk perception and loss aversion behaviors.