What if artificial intelligence does not merely support investment decisions, but quietly reshapes the biases behind them?
Generative AI is rapidly becoming part of how investors search for information, test ideas and form judgements. Yet its most important influence may not lie in whether an answer is simply right or wrong. More fundamentally, it can alter what users notice, what they trust and how confidently they interpret uncertain information.
This work examines that emerging behavioural dimension of investment decision-making. Drawing on behavioural finance and research on large language models, it focuses on overconfidence, confirmation bias and anchoring. The central question is whether the use of systems such as ChatGPT can weaken existing distortions, reproduce them in a more persuasive form, or change the mechanisms through which they operate.
The analysis combines a systematic literature review with a qualitative prompt experiment based on a real investment case. ChatGPT was examined across seven controlled conditions and 21 independent trials, comparing neutral, bias-inducing and debiasing formulations. The results show that prompt design does not necessarily overturn the analytical structure of a response. Instead, it can substantially alter which arguments, risks and perspectives receive attention, depth and emphasis.
The implications extend beyond simple amplification or reduction. Confidence can shift from personal judgement to trust in AI-supported reasoning. Confirmation bias can evolve from selective information search into a reinforcing dialogue with the system. Anchors no longer need to originate solely from market prices or prior expectations. They can emerge from values, scenarios and reference points generated within the interaction itself.
All 21 model responses are reproduced verbatim in the appendix, allowing readers to trace the analysis directly back to its source material and assess the findings for themselves.
The result is a broader view of decision-making in the age of generative AI. Human judgement and algorithmic output no longer operate as separate forces. They increasingly form a shared cognitive environment in which prompts, interpretations and generated responses influence one another.
The crucial question is therefore no longer simply whether investors are biased. It is what becomes of those biases once artificial intelligence becomes part of the way decisions are formed.
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- Nino Fabrizio Hein (Autor), 2026, Capital Market Investment Decisions under Artificial Intelligence Assistance, Múnich, GRIN Verlag, https://www.grin.com/document/1771795
