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Online a : h ps:// esea ch endsjou nal.com ISSN No: 2584-282X
Indexed Jou nal Pee Re iewed Jou nal
INTERNATIONAL JOURNAL OF TRENDS IN EMERGING RESEARCH AND DEVELOPMENT
Volume 3; Issue 1; 2025; Page No. 185-189
Recei ed: 15-11-2024
Accep ed: 24-12-2024
Beha iou al Biases Exhibi ed by In es o s Based on Thei Demog aphic
P o iles in The Indian S ock Ma ke
1Dhee aj Ra ho e and 2D . Ram Milan Dwi edi
1Resea ch Schola , Sh i K ishna Uni e si y, Chha a pu , Madhya P adesh, India
2Associa e P o esso , Sh i K ishna Uni e si y, Chha a pu , Madhya P adesh, India
DOI: h ps://doi.o g/10.5281/zenodo.17589486
Co esponding Au ho : Dhee aj Ra ho e
Abs ac
The s ock ma ke has expe ienced signi ican in es men expendi u e in ecen yea s, d i en by he p oli e a ion o in e ne ading pla o ms
and he need o inancial li e acy among he wo k o ce. Fac o s such as ma ke ends, company esul s, economic s a is ics, and pe sonal
inancial goals in luence indi idual in es o s' decisions o buy o sell s ocks. Media co e age, online discussion, and expe opinions also
play a ole in a e ail in es o 's decision o buy o sell s ocks. In es men choices a e in luenced by pe sonali y ai s, such as isk ole ance,
men al s abili y, pa ience, and discipline. Demog aphic, socioeconomic, and o he social ac o s also signi ican ly impac an in es o 's isk
ole ance, in es ing goals, and in es men app oach. Cul u es ha alue s abili y and secu i y may encou age in es o s o play i sa e, while
hose ha alue inno a ion and isk- aking may encou age hem o ake isks wi h mo e unknowns. Fac o s such as age, income, and
educa ion le el can also impac an indi idual's isk ole ance and in es ing decisions.
Keywo ds: S ock Ma ke , Beha io al Biases Exhibi ed, In es o s, In es men
1. In oduc ion
Beha io al inance is he s udy o ma ke eac ions o
inancial expe s' and ade s' psychological biases.
Acco ding o beha io al inance, some inancial e en s may
be desc ibed by models whe e ce ain in es o s a e
comple ely a ional, meaning ha hey make in es men
choices only conside ing isk and ewa d. One o he bes -
known heo ies was pu ou by Ha y. Wha occu s in
ma ke s when ce ain in es o s display human limi s and
complexi ies is in es iga ed by beha io al inance, which is
a mix o psychological and inancial aspec s. Psychology
may o e us i al in o ma ion abou human di e ences
since i sys ema ically explo es human judgmen , conduc ,
and well-being (Rabin, 1996) [6]. Consequen ly, he s ock
ma ke is a place whe e in es o s ely on no ions om
psychological decision-making o unde s and why hey buy
and sell s ocks. By "a as -eme ging opic ha deals wi h he
e ec o psychology on he conduc o inancial
p ac i ione s," She in (1999) [7] cha ac e ized beha iou al
inance. Beha io al inance seeks o elucida e and enhance
unde s anding o in es o s' hough p ocesses, including he
beha io al componen s and he ex en o which hey
in luence decision-making (Riccia di and Simon, 2000) [8].
When someone is o e con iden in hei assessmen s and
o e es ima es hei capaci y o do a ask, his is known as
o e con idence bias. People who eel hey a e easonably
well-de eloped a e said o be o e con iden .
Exagge a ing one's abili y o p edic and he co ec ness o
in o ma ion is a sign o o e con idence, which is simply a
belie in one's own judgmen , cogni i e abili y, logical
hinking, and in ellec uali y. In imes o inancial ma ke
boom, o e con iden in es o s a e inclined o an icipa e
bigge e u ns, and hey c edi hei successes o hei
knowledge while a ibu ing ailu es o "poo luck." While a
less con iden in es o would concen a e on low- isk asse s
like bonds, a mo e con iden in es o would o en in es in
high- isk asse s like s ocks and eal es a e. Resea ch in
psychology and beha io has examined o e con idence.
Ano he signi ican p edic o o o e con idence is ading
equency, which will be measu ed using his da a as a
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s and-in.
In addi ion o neglec ing da a ha a e eadily accessible o
he public, decision-make s o en o e es ima e hei
expe ise and in o ma ion. In es o s wi h an o e con idence
bias end o o e look hem because hey belie e hey a e
be e han models and ac s. People may no always know
be e , hus by ejec ing ea ly wa ning signals o likely
ha m, hey can end up doing mo e ha m han good.
O e con idence is de ined as a so o s ong sel -
con idence in which one's supe io analy ical abili ies allow
one o u ilize he knowledge one has e ec i ely. Tha is
eally jus a belie ing illusion b ough on by a lack o
expe ience and a poo abili y o desc ibe he ac s as hey
s and.
In a wo d, o e con idence is he con ic ion ha one has an
excep ionally high deg ee o sel -e alua ion and ha one's
skills a e be e han he a e age o o he in es o s.
Acco ding o F ischho e al. (1977) [9], in es o s end o
o e es ima e hei own alen s in such an unp edic able
inancial en i onmen . Some people, pa icula ly hose who
a e o e con iden , ha e a endency o belie e ha hey a e
supe io o o sma e han o he s a ound hem. The gene al
ma ke eac ion is ne e a ional when a signi ican po ion
o he pa icipan s a e o e con iden .
2. Li e a u e Re iew
Rahul Kuma and P o (D .) Nagend a Kuma Jha (2024) [1]
- The cu en esea ch aims o alida e he scope o
beha io al biases ela ed o indi idual in es o s who engage
in he Indian s ock ma ke , including o e con idence, he
he ding e ec , loss a e sion, and in es men choices. The
cu en esea ch e alua es how he a o emen ioned
beha io al biases a ec indi idual in es o s' in es ing
choices. The esea ch is based on a ques ionnai e inqui y
ha used a simple sampling s a egy o include indi idual
Indian s ock ma ke in es o s who eside in Biha , India.
Indi idual in es o s we e sen 500 hund ed ques ionnai es,
and 428 o he eplies we e aken in o accoun o his
esea ch. SPSS was used o do mul iple eg ession analysis
on he ga he ed da a. The cu en esea ch showed ha
o e con idence biases signi ican ly impac indi idual
in es o s' in es men choices and ha he scale u ilized o
quan i y beha io al biases and in es o decisions was alid.
On he o he hand, loss a e sion and he he ding e ec ha e
li le in luence on an indi idual in es o 's choice o
in es men s. Indi idual in es o s exhibi beha io al bias
while making inancial choices, acco ding o he cu en
esea ch. Indi idual in es o s who in es in he Indian s ock
ma ke and beha io al cha ac e is ics a e he subjec s o he
cu en esea ch. The cu en esea ch aids in
comp ehending he idea o beha io al biases among
indi idual s ock ma ke pa icipan s in India.
Abigail Al es de Sousa Ba bosa, e al. (2024) [2] - The goal
o his s udy is o examine wo biases- he endowmen e ec
and conse a ism-and hen de elop a ool ha can measu e
bo h. The de elopmen o beha io al inance esea ch has
led o he conclusion ha people use pe sonal e e ences o
assess hei ea nings and losses. As a esul , hei decision-
making pe spec i e is subjec i e and unique o each pe son.
A ques ionnai e was adminis e ed o a sample o 150
manage s a e he key ai s o bo h biases we e ga he ed
based on a s udy o he li e a u e. The C onbach eliabili y
es and explo a o y ac o analysis we e pe o med on he
in o ma ion ga he ed om he ques ionnai e esponses.
Th ee elemen s o he conse a i e bias we e iden i ied by
he esea ch's esul s. These elemen s include conse a ism
in inance choices, conse a ism in in es ing choices, and
conse a ism in secu i y. A componen o he endowmen
e ec was ound and gi en he same name as he e ec .
Manage s a e linked o knowledge and p io ci cums ances,
which makes hem uneasy when aced wi h no el si ua ions,
acco ding o he indica ions o he ac o conse a ism in
in es men decisions. The p e e ence o sa e in es men s
was indica ed by he indica o s o conse a ism and secu i y
as well as conse a ism in inancing choices. Despi e ha ing
weake endowmen e ec indica o s, hey we e none heless
able o d aw a en ion o he indi ec impac on he sample's
manage s. The na u e o he asse s ha manage s o e see,
when es ablished owne ship is no ecognized, may be he
sou ce o his issue. In o de o acili a e a con e sa ion on
he subjec , his esea ch adds o he body o li e a u e by
c ea ing a ool ha can de ec and quan i y manage s'
conse a ism and endowmen e ec biases.
Uma Sadeeq and Khu sheed a Bu (2024) [3] - In he
con ex o in es men decision making, he pu pose o his
esea ch is o e alua e he in luence o heu is ic d i en
a ailabili y bias as a candida e o p edic ion. The da a o
his esea ch came om in es o s in he Delhi-Na ional
Capi al a ea (NCR) a ea o India. As a esul o he esul s,
he hypo hesis ha a ailabili y bias has a posi i e link wi h
in es men decision making is suppo ed by empi ical da a.
This means ha in es o s who a e a ec ed by his p ejudice
a e making illogical decisions abou hei in es men s. This
s udy is in line wi h he heu is ic and biases hypo hesis,
which sugges s ha in es o s a e no a ional beings as is
o en belie ed in he ield o inance. Ins ead, in es o s ha e
a limi o hei a ionali y and a e subjec o a mul i ude o
heu is ics and biases, which ha e an e ec on he decisions
hey make abou hei in es men s. The esea ch makes a
con ibu ion o he exis ing body o e idence conce ning
heu is ic-d i en biases and he in luence ha hese biases
ha e on in es men decision making.
M . P adeep Kuma and D . Anu ag Kuma (2024) [4] - In
his s udy, an in es iga ion is conduc ed on he impac ha
o e con idence bias has on he p ocesses and ou comes o
in es men decision-making si ua ions. O e con idence is a
cogni i e bias in which indi iduals o e es ima e hei
knowledge, alen s, o p ospec s o success. Acco ding o
his cogni i e bias, he pe o mance o pe sonal in es men s
and he inancial ma ke s may be signi ican ly impac ed by
con idence. By conduc ing a comp ehensi e li e a u e
e iew and conduc ing empi ical analysis, his s udy
in es iga es he ways in which o e con idence mani es s
i sel in se e al aspec s o in es ing beha iou . These
aspec s include excessi e ading, isk pe cep ion, and
po olio di e si ica ion all o which a e in es iga ed. The
esea ch used a mixed-me hods app oach, which combines
quali a i e insigh s gleaned om semi-s uc u ed in e iews
wi h i y p o essional und manage s wi h quan i a i e
analysis o ading da a ga he ed om a sample o i e
hund ed e ail in es o s o e he cou se o h ee yea s.
Acco ding o he indings, in es o s who a e o e con iden
engage in mo e equen ading, ha e po olios ha a e
less di e si ied, and unde alue he isks associa ed wi h
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in es ing. As a consequence, hey gene a e ea nings ha a e
less han ideal in compa ison o hei colleagues who a e
less con iden . A he conclusion o he s udy, he
esea che s discuss he implica ions o hese indings o
indi idual in es o s, inancial ad iso s, and lawmake s.
They also p o ide sugges ions o how o mi iga e he
ad e se e ec s o o e con idence bias in he p ocess o
making in es men decisions.
Punee Nandan, e al. (2024) [5] - As a consequence o he
expansion o he inancial ma ke s, in es men s ha e been
made in a di e se asso men o secu i ies and in es men s
in inancial ins umen s. Consequen ly, he ield o
beha iou al inance has shed ligh on he ways in which he
cogni i e p ocesses and ai s o in es o s in luence hei
in en ions and choices when i comes o making
in es men s. In his s udy, we conduc ed a comp ehensi e
examina ion o he mos cu en esea ch on he p ima y
ac o s ha in luence people's beha iou and he choices
hey make abou in es men s. The pu pose o his esea ch
is o gi e a comp ehensi e echnique o e alua ing
quali a i e ac o s ha in luence he in en s and beha iou s
o in es o s while hey a e making inancial in es men s.
This will be accomplished ia he use o bibliome ic
analysis. This wo k con ibu es o he ad ancemen o he
ield o beha iou al inance by ca ying ou an in es iga ion
o he ac o s ha in luence he decisions made by
indi idual in es o s, pa icula ly in de eloping ma ke s.
3. Beha io al Economics
The ield o esea ch known as beha iou al economics
ocuses on he applica ion o psychological p inciples o he
p ocess o economic decision-making in bo h people and
o ganiza ions. This s udy pulls om he ields o
psychology and economics o in es iga e he easons behind
why indi iduals occasionally make illogical choices, as well
as he cogni i e biases ha lead o beha iou ha de ia es
om economic models.
Fig 1: P inciples o Beha iou al Economics
Beha iou al Economics examines how people and
o ganiza ions make decisions in luenced by emo ions,
cogni ion, and social con ex , a he han adhe ing only o
con en ional economic heo y. I in eg a es concep s om
psychology, neu ology, and undamen al economic heo y
o explain how humans make economic decisions and he
ac o s ha impac hose choices. I examines how humans
may no consis en ly make judgmen s in he mos a ional o
o eseeable manne and in es iga es he unde lying easons
o his phenomenon.
Beha io al economics is e y aluable in ma ke ing ac ics
o o ecas ing cus ome beha iou . Beha io al economics
is o en associa ed wi h no ma i e economics.
4. Beha iou al Biases
The economy, as well as he indus ial sec o , is now being
impac ed by he as g ow h o echnology. Due o he ac
ha he e a e so many p oduc s ha can be pu chased
online, consume s may do so in a simple and speedy
manne , elimina ing he need o physically isi he business
ha o e s hose p oduc s. Consequen ly, he ceaseless needs
and aspi a ions o human beings con inue o ise. As a esul
o echnological imp o emen s, an indi idual's sala y may
no longe be su icien o pay hei expenses i hei wan
le el con inues o inc ease. I indi iduals wan o be
success ul in o e coming his obs acle, i is e y necessa y
o hem o manage hei esou ces in a p uden manne . The
e o s ha may ha e been made include, among o he
hings, he ul illmen o indi idual needs and goals, in
addi ion o he main enance o hei inancial s abili y ia
in es men . I would seem ha in es men selec ion is a
means o dis ibu ing money be ween high- isk asse s such
as gold, eal es a e, o s ocks and low- isk asse s such as
deposi s and sa ings.
O e he cou se o he las se e al decades, he p ac ice o
in es ing in inancial ma ke s has been subjec ed o a
signi ican amoun o sc u iny om a no ma i e pe spec i e.
As a esul , many heo ies ha e been de eloped conce ning
inancial e u n and inancial isk, wi h bo h o hese
concep s o en being discussed simul aneously in he
con ex o in es men . Indi iduals a e p one o making
i a ional assessmen s in e e yday ci cums ances. The e is
li le doub ha such e oneous judgmen s a e made in he
ma ke place, whe e he ea o losing money may be g ea ,
leading o signi ican psychological and cogni i e e o s.
The majo i y o hese e oneous judgmen s a e he
consequence o human heu is ic simpli ica ion in he ace o
po en ially dange ous and unclea ci cums ances. Fo a
numbe o yea s, con en ional inance has ope a ed on he
assump ion ha in es o s make a ional choices wi h ega d
o hei s ock holdings, wi h he goal o maximizing u ili y
and minimizing isk- e u n ade-o s. Ne e heless,
esea ch in he ield o beha io al inance has shown ha
people do no uly beha e in a a ional manne as
economis s assume hey do. This is due o he ac ha
human judgmen s a e occasionally impac ed by hei
psychological moods.
In es o s a e p one o de ia ing om a ionali y and making
i a ional decisions, acco ding o he heo y o beha iou al
inance, which p oposes ha a numbe o cogni i e biases
impac he decision-making p ocess abou in es men s.
(2014) Acco ding o Niehaus and Sh ide . The cu en s udy
akes a comp ehensi e look a he ways in which beha io al
biases in luence inancial decision-making. (2017)
Acco ding o Spence, Ta le , and Esh aghi. Recen
de elopmen s ha e esul ed in an inc ease in he
p ominence o his s udy issue, which now inco po a es bo h
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empi ical and heo e ical con ibu ions. Acco ding o Goyal
and Kuma (2015) [10], a e conduc ing a e iew o he
exis ing li e a u e, i was ound ha he e is a c ucial need o
conduc a single esea ch s udy ha inco po a es a
comp ehensi e analysis o he beha io al elemen s
in ol ed. Fo he pu pose o his s udy, ou signi ican
beha io al ea u es a e being used as a ounda ion o he
in es iga ion o he e ec ha i has on he decision-making
p ocess o indi idual in es o s. I would seem ha his
pa adigm is indica ing a willingness o esea ch a wide
a ie y o beha io al biases ia he p ism o he s udy o
inancial economics.
5. Indian S ock Ma ke
The Indian S ock Ma ke has been he e o as long as he
his o y o Asia i sel . A ound wo hund ed yea s ago, i
began wi h secu i y deals in India ha we e conside ed o be
insigni ican and inconspicuous. Du ing ha ime pe iod, he
Eas India Company was he mos p ominen ins i u ion o
he pu chase and sale o a ious ypes o inancial asse s. In
he 1830s, Bombay became he cen e o ac i i y o he
ading o co po a e s ocks as well as sha es in banks and
co on p esses.
In spi e o he ac ha he ade lis was mo e ex ensi e in
he yea 1839, he e we e only a hal dozen b oke s ha
we e ecognized by me chan s and banks be ween he yea s
1840 and 1850. Ne e heless, he yea 1850 saw a
signi ican expansion o comme cial indus y, and he
b oke age business a ac ed a la ge numbe o indi iduals.
By he yea 1860, he numbe o b oke s had expanded o
six y a ha poin . When he Ame ican Ci il Wa b oke ou
in 1860–1861, he supply o co on om he Uni ed S a es o
Eu ope was hal ed, and India saw he beginning o he Sha e
Mania. The e was an inc ease in he numbe o b oke s o
a ound 200 o 250.
A he conclusion o he Ame ican Ci il Wa in 1874, he
b oke s who had been success ul in he a e ma h o he wa
disco e ed a loca ion on a s ee (which we now e e o as
Dalal S ee ) whe e hey could easily cong ega e and
conduc hei business ansac ions. Na i e Sha e and S ock
B oke s Associa ion, some imes e e ed o as "The S ock
Exchange," was o iginally c ea ed in Bombay in he yea
1887.
This associa ion is also known by i s al e na e name. I was
in 1899 ha he S ock Exchange i s opened i s doo s a e
ha ing pu chased a loca ion on he same s ee in he yea
1895. This esul ed in he consolida ion o he Bombay
S ock Exchange (Bahng, 2003 as s a ed). When i comes o
he inancing o he Indian business sec o , he Indian s ock
ma ke has been gi en a signi ican ole.
6. Indi idual In es o s in he Indian S ock Ma ke
Re ail in es o s as hey a e commonly known a e he majo
playe s in he Indian s ock ma ke . These a e non-
ins i u ional in es o s who use hei own sa ings o buy
di e en inancial asse s in he o m o sha es, mu ual unds,
bonds, and de i a i es. Indi idual in es o s do no ade
wi h a di e en pu pose like o accumula e pe sonal weal h
and inancial secu i y unlike ins i u ional in es o s (mu ual
unds, insu ance companies, o o eign po olio in es o s).
The e ail in es o o indi idual in es o a e non-
p o essional pa icipan s in he ma ke who pu chase and
sell inancial secu i y in he o m o s ocks, bonds, mu ual
unds and o he in es men p oduc s wi h hei own capi al.
Indi idual in es o s con as wi h ins i u ional in es o s
such as banks, mu ual unds o insu ance companies
because hey a e no ading wi h he same mo i a ions o
goals as ins i u ional in es o s do and so hei in e es s a e
p ima ily in weal h c ea ion, e i emen planning o sa ing,
no ins i u ions.
Pe sonal choices a e no mally made by indi idual in es o s
elying on pe sonal esea ch, inancial ecommenda ions o
ma ke o ces. They migh ha e a sho and long pe iod o
in es men . Indi idual in es o s in mos economies
pa icula ly he eme ging ones such as India con ibu e
signi ican ly in he capi al ma ke de elopmen as well as
g ow h o he economy.
The Indian s ock ma ke which is domina ed by he Bombay
S ock Exchange (BSE) and he Na ional S ock Exchange
(NSE) has expe ienced a s eep inc ease in he in ol emen
o indi idual in es o s in he las en yea s. The
de elopmen o echnology, inancial li e acy, he eady
a ailabili y o online ading pla o ms, and inc easing
con idence by he e ail in es o s in equi y as an asse class
has p omp ed mo e e ail in es o s o in es in capi al
ma ke s.
7. E ec s o Beha iou al Biases on Making In es men
Decisions in he Indian S ock Exchange
The beha iou al biases play a signi ican ole in he p ocess
o making inancial decisions by indi idual in es o s in he
Indian s ock ma ke , which esul s in he lack o he use o
he a ional and op imal in es men s a egies. One o he
mos common biases in e ail in es o s is o e con idence
bias. Mos o he Indian in es o s unde es ima e he le el o
hei knowledge, abili y o analyse and d aw conclusions
abou he ma ke ends and o e ade hence hey
unde es ima e isks and a e concen a ed in a small numbe
o s ocks. This complacency may gi e ise o empo a y
p o i abili y in he case o some, bu i equen ly p esen s
huge losses in he long- e m e m because o an inco ec
e alua ion o he si ua ion in he ma ke and inabili y o
di e si y po olios in he mos e ec i e manne .
The bias o conse a ism is also an impo an ac o ha
in luences he decision o in es o s. In es o s ha a e
subjec o his bias will s ick o hei old belie s and ake
long o abso b new in o ma ion, despi e a shi in he
undamen als in he ma ke . In India, his has been e lec ed
in he o m o a pe pe ual in es men in old blue-chip s ocks
o in sec o s ha a e al eady being known whe eas new
oppo uni ies in echnology, enewable ene gy, o s a -ups
a e no aken in o conside a ion. Consequen ly, in es o s
could ail o ge hold o in es men oppo uni ies a he igh
ime o o make po olio changes acco ding o how he
ma ke is eac ing, which in e ec impac s on e u ns.
A ailabili y bias also has e ec s on he decision-making in
ha in es o s may u ilize he in o ma ion ha is easily
emembe ed o mo e ecen han o he in o ma ion. Re ail
in es o s in India end o be in luenced by he news
headlines, social media cha e o anecdo al ales o success
and make has y judgmen s based on limi ed ac s. In he
example gi en, he in es o s can he d when hey a e ushing
o in es wi hou looking a he undamen als o ha
company upon hea ing ha he s ock p ice o he company
In e na ional Jou nal o T ends in Eme ging Resea ch and De elopmen h ps:// esea ch endsjou nal.com
189
h ps:// esea ch endsjou nal.com
is inc easing apidly in he news, which can lead o he ding
beha io , o e alua ion, o specula i e losses.
The e ec s a e exace ba ed by he ding bias ha causes
in es o s o imi a e he beha iou s o o he s, ins ead o
making hei own in o med decisions. The he d beha iou is
p e alen in he Indian s ock ma ke when he ma ke is on a
bullish un and when he in es o s buy he ending s ocks
in la ge numbe s o when he e is a ma ke c ash and panic
selling occu s a a wide a e. Such bias enhances ma ke
ola ili y, inspi es asse p ices in he specula i e bubble and
leads o i a ional sell-o s in he co ec ion.
All in all, hese beha iou al biases, o e con idence,
conse a ism, a ailabili y, and he ding, a e all in e wined
o a ec how Indian indi idual in es o s make hei
decisions. They may esul in ine icien po olio
di e si ica ion, isk- aking, oppo uni ies missed, and
eac i e and no s a egic in es men s. Lea ning hese biases
and educing hem by inancial li e acy, ad ice se ices, and
knowledge o psychological human beha iou is he key o
imp o ing he le el o a ional decision-making and long-
e m weal h gene a ion in India among e ail in es o s.
8. Conclusion
The pu pose o he esea ch was o in es iga e se e al biases
exhibi ed by he in es o s in Indian s ock ma ke ,
speci ically o e con idence bias, conse a ism bias,
a ailabili y bias, and he ding bias special ocus on in es o s.
To ind ou he ela ionship be ween beha iou al biases and
in es men decision-making, S uc u al Equa ion Modelling
was used. The ou pu indica es ha beha iou al biases such
as o e con idence bias, a ailabili y bias, and conse a ism
bias ha e a majo impac on in es men decisions, howe e ,
he ding bias has a low impac on in es men decisions. I is
also ound ha he e is an associa ion be ween demog aphic
a iables and in es men decisions. The e is also an
associa ion be ween in es men al e na i es, in es men
expe ience, and in es men decisions.
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