Abstract
The goal of the research is to analyse empirically if the financial decision-making is influenced by herd behaviour bias and if this bias is present during both bearish and bullish market trend, so if the investor act with the same Level-K thinking and herd behaviour bias, independently if the market is bearish or bullish. Keywords: Herd behaviour, decision making, Level-K thinking, Level-K-Value, loss aversion, prospect theory, disposition effect, bounded rationality, Keynesian beauty contest.
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