Abstract
Purpose: This study aims to empirically prove the effect of cognitive biases on investment decision making on digital platforms in Y and Z generations in Malang City (East Java). Measurement of cognitive bias considers three things: cognitive dissonance bias, overconfidence, and illusion of control.
 
 Method: This study uses a quantitative descriptive approach. The sampling method used is convenience sampling with the criteria of the age range 18-35 years. This study used multiple regression tests to see the effect of independent and dependent variables, and uses the SPSS 25 analysis tool. 
 
 Results: The results of this study indicate that cognitive dissonance bias and overconfidence have a significant negative effect on investment decisions, and illusion of control has a significant positive effect on investment decisions.
 
 Implications: This research can provide information related to cognitive biases in making investment-related decisions, especially for investors so that they are not wrong in making investment decisions.
 
 Novelty: This study uses a sample of Y and Z generations in Malang City, and looks at how cognitive biases are affected through digital investment platforms.
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