Procesy przetwarzania informacji i podejmowania decyzji inwestycyjnych w warunkach niepewności na przykładzie WGT SA w Warszawie

The purpose of this paper is to discuss all the possible problems which participants of the market may come across, as well as the analysis of how common is one of them, namely the one called a curse of the winner on the auctions on WGT SA. An attempt has also been made to explain why “psychological traps”, typical of acting in the situation of hazard, are not dangerous for such players as Warren Buffet, who was able to diminish the level of hazard connected with playing on the stock exchange, thanks to his experience and great skills. Uncertainty on the market occurs only when you have more than one possible outcome of your decision. The more possible outcomes you have, the higher is the level of uncertainly. The latter one is an inseparable part of taking different important decisions. It causes irrational reactions of the market participants, who are exposed to different impulses and easily get emotional after receiving some information. It’s very often the kind of behaviour typical of gamblers