El futuro de los perfilados psicográficos: el caso de los behavioral investor types.

Palabras clave

Economía, inversión, patrimonio, comportamiento, gamificación, datos, gestión


La necesidad en la actualidad de análisis precisos y personalizados a los intereses de los clientes ha puesto los perfilados psicográficos en el centro de atención. Los perfilados de los inversores permiten diseñar planes de inversión acordes a las diferentes características psicológicas del inversor. Esta investigación tiene como objetivo tanto, en un primer lugar, tratar los tipos más relevantes de perfilados existentes como, en un segundo lugar, resaltar la importancia de la recogida de los datos del perfilado y analizar las deficiencias que hoy en día tiene este proceso. El proceso de recogida de datos es esencial para la interpretación y posterior categorización de los clientes en los perfilados psicográficos del modelo. La presente es una investigación aplicada, explicativa y mayormente cualitativa que añade la identificación de los posibles errores en los resultados de perfilados obtenidos, provocados por la aplicación de test estandarizados de respuesta múltiple. Los test de respuesta múltiple pueden incitar comportamientos de satisficing que, en último término, provoquen un mal perfilado psicográfico. La introducción de la gamificación y de técnicas de análisis de la calidad de datos modernas (con índices que midan la consistencia y preguntas de control que permitan descartar respuestas no satisfactorias) en el proceso permitirían mitigar los comportamientos de satisficing y, por tanto, una recogida de datos más certera que derivaría en un mejor perfilado y una mayor satisfacción.



- Abad, F. J., & Ponsoda, V. (2012). Medición en ciencias sociales y de la salud. Editorial Síntesis.

- Adamou, B. (2014). Research games as a methodology: the impact of online research games upon participant engagement and future research game participation. Research Through Gaming Ltd.

- Agarwal, R., & Karahanna, E. (2000). Time flies when you're having fun: Cognitive absorption and beliefs about information technology usage. MIS quarterly, 665-694.

- Alwin, D. F. (2007). Margins of error: A study of reliability in survey measurement. John Wiley & Sons.

- Anastasi, A., & Urbina, S. (1997). Psychological testing. Prentice Hall/Pearson Education.

- Bailard, Thomas E,, Biehl, David L,, Kaiser, Ronald W. (1986). PERSONAL MONEY MANAGEMENT (Fifth Edition). s.l.: Science Research Associates.

- Barnewall, M. M. (1987). Psychological Characteristics of the Individual Investor. ICFA Continuing Education Series, 1987(2), 62–71. https://doi.org/10.2469/cp.v1987.n2.7

- Beach, D. A. (1989). Identifying the random responder. The Journal of psychology, 123 (1), 101-103.

- Berry, D. T., Wetter, M. W., Baer, R. A., Larsen, L., Clark, C., & Monroe, K. (1992). MMPI-2 random responding indices: Validation using a self-report methodology. Psychological assessment, 4 (3), 340.

- Bradburn, N. (1978, August). Respondent burden. In Proceedings of the Survey Research Methods Section of the American Statistical Association (Vol. 35, p. 40). Alexandria, VA, USA: American Statistical Association.

- Cacioppo, J. T., & Petty, R. E. (1982). The need for cognition. Journal of personality and social psychology, 42 (1), 116.

- Cacioppo, J. T., & Petty, R. E. (1984). The need for cognition: Relationship to attitudinal processes. Social perception in clinical and counseling psychology, 2, 113- 140.

- Cechanowicz, J., Gutwin, C., Brownell, B., & Goodfellow, L. (2013). Effects of Gamification on Participation and Data Quality in a Real-World Market Research Domain.

- Clifton, J. D. (2020). Managing validity versus reliability trade-offs in scale-building decisions. Psychological Methods, 25 (3), 259.

- Csikszentmihalyi, M. (1975). Beyond boredom and anxiety. The Jossey-Bass behavioral science series.

- Curran, P. G., Kotrba, L., & Denison, D. (2010, April). Careless responding in surveys: Applying traditional techniques to organizational settings. In 25th annual conference of Society for Industrial and Organizational Psychology, Atlanta, GA.

- Davidson, C. N. (September 23, 2011). Standardized tests for everyone? In the Internet age, that’s the wrong answer. The Washington Post. https://www.washingtonpost.com/opinions/standardized-tests-for-everyone-in-the-internet-age-thats-the-wrong-answer/2011/09/21/gIQA7SZwqK_story.html?sw_bypass=true

- Deterding, S., Khaled, R., Nacke, L. E., & Dixon, D. (2011, May). Gamification: Toward a definition. In CHI 2011 gamification workshop proceedings (Vol. 12, pp. 1-79). Vancouver BC, Canada.

- DeVellis, R. F., & Thorpe, C. T. (2021). Scale development: Theory and applications. Sage publications.

- Dillman, D. A. (1978). Mail and telephone surveys: The total design method (Vol. 19). New York: Wiley.

- FairTest. (May 22, 2012). What’s wrong with standardized test?. fairtest.org. https://fairtest.org/facts-whatwron-htm/

- Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383–417. https://doi.org/10.2307/2325486

- Groves, R. M., et. al. (2011). Survey methodology. John Wiley & Sons.

- Groves, R. M., Singer, E., & Corning, A. (2000). Leverage-saliency theory of survey participation: description and an illustration. The Public Opinion Quarterly , 64 (3), 299-308.

- Guin, T. D. L., Baker, R., Mechling, J., & Ruyle, E. (2012). Myths and realities of respondent engagement in online surveys. International Journal of Market Research, 54 (5), 613-633.

- Hamari, J., Koivisto, J., & Sarsa, H. (2014, January). Does gamification work?—a literature review of empirical studies on gamification. In 2014 47th Hawaii international conference on system sciences (pp. 3025-3034). Ieee.

- Harrison, P. (2011). The researchification of games: Adopting a game designer’s approach to market research. In ESOMAR Congress Miami.

- Hsu, C. L., & Lu, H. P. (2004). Why do people play on-line games? An extended TAM with social influences and flow experience. Information & management, 41 (7), 853-868.

- Huang, J. L., et. Al. (2012). Detecting and deterring insufficient effort responding to surveys. Journal of Business and Psychology, 27(1), 99-114.

- John, O. P., & Soto, C. J. (2007). The importance of being valid: Reliability and the process of construct validation.

- Johnson, J. A. (2005). Ascertaining the validity of individual protocols from web-based personality inventories. Journal of research in personality, 39 (1), 103-129.

- Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), 263–291. https://doi.org/10.2307/1914185

- Krosnick, J. A. (1991). Response strategies for coping with the cognitive demands of attitude measures in surveys. Applied cognitive psychology, 5 (3), 213-236.

- Krosnick, J. A., & Alwin, D. F. (1987). An evaluation of a cognitive theory of response- order effects in survey measurement. Public opinion quarterly, 51 (2), 201-219.

- Levitt, S. D., & Dubner, S. J. (2005). Freakonomics: A rogue economist explores the hidden side of everything. William Morrow & Co.

- Lintner, J. (1965) The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets. The Review of Economics and Statistics, 47, 13-37.http://dx.doi.org/10.2307/1924119

- Markowitz, H. (1952), PORTFOLIO SELECTION*. The Journal of Finance, 7: 77-91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x

- Mavletova, A. (2015). Web surveys among children and adolescents: is there a gamification effect?. Social Science Computer Review, 33(3), 372-398.

- Meade, A. W., & Craig, S. B. (2012). Identifying careless responses in survey data. Psychological methods, 17(3), 437.

- Mossin, J. (1966) Equilibrium in a Capital Asset Market. Econometrica, 34, 768-783. http://dx.doi.org/10.2307/1910098

- Myers, J. (January 12, 2023). What type of investor are you?. Psychonomics. http://www.psychonomics.com/research/a&s/profiling.htm.

- Pompian, M. (2012). Behavioral Finance and Wealth Management . New Jersey: John Wiley & Sons, Inc.

- Pompian, M. M. (2012). Behavioral Finance and Investor types. Wiley Finance.

- ProCon.org. (July 12, 2020). Do standardized tests improve education in America?.ProCon.org. https://standardizedtests.procon.org/.

- Roberts, C., Gilbert, E., Allum, N., & Eisner, L. (2019). Research synthesis: Satisficing in surveys: A systematic review of the literature. Public Opinion Quarterly, 83 (3), 598- 626.

- Schacht, S., Keusch, F., Bergmann, N., & Morana, S. (2017). Web survey gamification–increasing data quality in web surveys by using game design elements.

- Schonlau, M., & Toepoel, V. (2015, July). Straightlining in Web survey panels over time. In Survey Research Methods (Vol. 9, No. 2, pp. 125-137).

- Schwarz, N. (1999). Self-reports: How the questions shape the answers. American psychologist, 54 (2), 93.

- Sharpe, W.F. (1964), CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*. The Journal of Finance, 19: 425-442. https://doi.org/10.1111/j.1540-6261.1964.tb02865.x

- Shuman, H., & Presser, S. (1981). Questions and answers in attitude surveys. New York: AcademicPress.

- Smith, M. G., et. al. (2019). Effectiveness of incentives and follow-up on increasing survey response rates and participation in field studies. BMC medical research methodology, 19 (1), 1-13.

- Tourangeau, R. (1984). Cognitive sciences and survey methods. Cognitive aspects of survey methodology: Building a bridge between disciplines, 15, 73-100.

- Tourangeau, R., & Yan, T. (2007). Sensitive questions in surveys. Psychological bulletin, 133 (5), 859.

- Tourangeau, R., Rips, L. J., & Rasinski, K. (2000). The psychology of survey response.

- Truyts, T. (2014). Stochastic Costly Signaling with Exogenous Information.

- Von Neumann, J., & Morgenstern, O. (1944). Theory of games and economic behavior. Princeton University Press.

- Vora, A. S., & Kulkarni, A. A. (2021, June). Optimal questionnaires for screening of strategic agents. In ICASSP 2021-2021 IEEE International Conference on Acoustics, Speech and Signal Processing (ICASSP) (pp. 8173-8177). IEEE.

- Zhang, C., & Conrad, F. (2014, July). Speeding in web surveys: The tendency to answer very fast and its association with straightlining. In Survey research methods (Vol. 8, No. 2, pp. 127-135).