This doesn’t mean institutional salesmen are any better. All equity salesmen are the same. [Update on 30 Oct 2010]
Our findings support the thesis that cognitive factors have an effect on the decision-making on the financial market. In the present study, stock-brokers were guided more by past experience and existing beliefs than by logical thinking and rational decision-making. They had difficulties to disengage themselves from vastly anchored thinking patterns. However, we believe, that it is wrong to accuse the brokers for their ‘‘malfunctions’’, because such hard-wired cognitive principles are difficult to suppress even if the person is aware of them.
Citation: Knauff M, Budeck C, Wolf AG, Hamburger K (2010) The Illogicality of Stock-Brokers: Psychological Experiments