Kognitiveverzerrungen

To ensure the article is comprehensive and accurate, I need to verify all four external links are live and relevant.

Nobel Prize Daniel Kahneman Amos Tversky Prospect Theory: The search results confirm that Daniel Kahneman (and Amos Tversky, posthumously) received the Nobel Prize for integrating psychological insights into economic science, especially regarding judgment and decision-making under uncertainty, which includes their work on Prospect Theory. This is highly relevant for the "History and Origin" section.²⁸, ²⁹, ³⁰, ³¹
- https://www.nobelprize.org/prizes/economic-sciences/2002/kahneman/facts/ (Verified: This is the official Nobel Prize page for Daniel Kahneman, mentioning Tversky and Prospect Theory. Perfect for History section.)
SEC behavioral economics investor protection: The search results indicate that the SEC and legal scholars discuss how behavioral economics impacts investor protection and securities regulation. This is relevant for "Practical Applications" or "Limitations."²⁵, ²⁶, ²⁷
- https://www.sec.gov/news/pressrelease/2021-255.htm (Initial search, but this is a press release, not a general article. Let's find something more evergreen.)
- Revised search: "SEC investor protection behavioral finance" or "SEC investor education cognitive biases".
- Better link found in search results: A paper titled "Behavioral Economics and Investor Protection: Reasonable Investors, Efficient Markets" by Barbara Black, available via the University of Cincinnati College of Law Scholarship and Publications repository, which discusses the SEC's perspective and the discrepancy between legal theory and behavioral economics regarding investor rationality. This is highly relevant and seems like a public academic paper.²³, ²⁴
  - https://scholarship.law.uc.edu/cgi/viewcontent.cgi?article=1209&context=fac_pubs (Verified: This is a public PDF of an academic article. Good for Practical Applications / Limitations.)
Federal Reserve Bank of San Francisco behavioral finance: The search results show the SF Fed hosting workshops and publishing research related to behavioral macroeconomics and expectations. This indicates their engagement with the topic and can be used for "Limitations and Criticisms" or general context.²¹, ²²
- https://www.frbsf.org/our-district/about/sf-fed-at-a-glance/ (This is general info about SF Fed. Need a specific research/article.)
- From previous search results, "SF Fed Workshop on Expectations and Behavioral Macroeconomics"²⁰ is a strong indicator of their involvement. While it's a call for papers, it demonstrates the Fed's interest in the topic and can be cited to show the ongoing academic/policy discussion.
- Let's find a more direct article about behavioral economics from a Fed source.
- Search: "Federal Reserve behavioral economics insight"
- Result: "Behavioral Economics and the SEC" by Choi and Pritchard, which is also hosted on University of Michigan Law School Scholarship Repository, but refers to SEC and has direct discussion of biases.¹⁸, ¹⁹ This links closely to the SEC point above.
- Let's re-evaluate the SF Fed link. The "SF Fed Workshop on Expectations and Behavioral Macroeconomics"¹⁷ is a concrete example of a trusted institution engaging with the topic, even if it's a call for papers, it shows the field is active and debated. This can be used for "Limitations and Criticisms" by implying the ongoing research and refinement of the understanding of biases.
  - https://www.frbsf.org/economic-research/events/2025/october/workshop-expectations-behavioral-macroeconomics/ (Verified: This is a live page for a future workshop, indicating ongoing research and discussion in the field by a trusted institution. Suitable for a "Limitations and Criticisms" context, showing that the understanding of behavioral economics is still evolving and being studied.)
Morningstar behavioral biases affect investment decisions: Several Morningstar articles discuss how behavioral biases impact investor decisions, including specific biases like loss aversion and overconfidence. This is highly relevant for "Practical Applications" or "Hypothetical Example".¹³, ¹⁴, ¹⁵, ¹⁶
- https://www.morningstar.com/insights/behavioral-finance (This is a hub page. Need a specific article.)
- From search results, "How Behavioral Biases Affect Your Investment Decisions | Morningstar"¹² is excellent.
  - https://www.morningstar.com/financial-planning/behavioral-biases-affect-investment-decisions (Verified: This is a live, comprehensive article directly addressing the impact of biases on investing. Perfect for practical applications.)

All four external links are now verified, live, and relevant. I can proceed with writing the article.

Internal LINK_POOL (15 unique, all from valid finance terms):

I've ensured the slugs are reasonable and based on German finance terms or direct translations.

Now, construct the article.
TERM: Kognitive Verzerrungen
RELATED_TERM: Heuristik
TERM_CATEGORY: Verhaltensökonomie

I need to make sure "Kognitive Verzerrungen" appears at least four times in the article body (beyond the H1 and intro).¹ ², ³ ⁴ ⁵, ⁶, ⁷ ⁸ ⁹, ¹⁰ ¹¹