Mapping the research landscape of behavioural finance and artificial intelligence in retail stock market investment

A bibliometric and thematic review (2020–2026)

Authors

  • Shilpi Jauhari Institute of Engineering and Technology, Lucknow, India
  • S M Qasim Institute of Engineering and Technology, Lucknow, India
  • Raji Kaur Institute of Engineering and Technology, Lucknow, India
  • Harshmit Kaur Saluja Institute of Engineering and Technology, Lucknow, India

Keywords:

Behavioural Biases, Artificial Intelligence, Retail Investors, Bibliometric Analysis, Thematic Review, Investment Decision-Making, Fintech, Machine Learning

Abstract

Retail investors’ decisions increasingly reflect a complex interplay between psychological biases and technology-driven tools, particularly Artificial Intelligence (AI), in contemporary financial markets. This bibliometric and thematic review maps the evolving intellectual landscape at the intersection of behavioural biases, Artificial Intelligence (AI), and retail investment decision-making. Using 428 English-language, peer-reviewed articles indexed in Scopus and Web of Science from 2020 to 2026, the study applies the bibliometrix R package and the PRISMA framework to ensure systematic screening and analysis. The findings indicate a strong upward growth trajectory, with nearly 74% of publications appearing between 2024 and 2026, reflecting the rapid expansion of scholarly interest in this area. The publication landscape is concentrated in a limited number of influential journals, with IEEE Access and the Journal of Behavioral and Experimental Finance emerging as key sources and Author-level analysis also reveals a small group of highly influential researchers. Geographically, research output is dominated by China, India, and the United States, with limited international collaboration. The thematic structure identifies investments, financial markets, machine learning, and forecasting as core themes, while artificial intelligence, fintech, and behavioural finance are emerging areas. Overall, the study shows a clear shift from fintech-oriented research toward a more AI-driven agenda, with growing attention to investor sentiment, financial stability, algorithmic trading, and natural language processing.

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Published

2026-11-02

How to Cite

Jauhari, S., Qasim, S. M., Kaur, R., & Saluja, H. K. (2026). Mapping the research landscape of behavioural finance and artificial intelligence in retail stock market investment: A bibliometric and thematic review (2020–2026). International Journal of Economic Perspectives, 20(11), 1083–1116. Retrieved from https://www.ijeponline.org/index.php/journal/article/view/1402

Issue

Vol. 20 No. 11 (2026)

Section

Peer Review Articles
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Copyright (c) 2026 Shilpi Jauhari, S M Qasim, Raji Kaur, Harshmit Kaur Saluja

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