Bias cognitivi e distorsioni nella valutazione d'azienda

[Machine translation] The article explores the cognitive biases and distortions that influence company valuation, a subjective opinion conditioned by multiple uncertainties and limited human rationality. Initially, cultural biases and distortions (contrasting international and Italian evaluation principles), negotiating and related to stratagems to obtain reason in a quarrel or discussion are analyzed. Below, we examine the logics and heuristics that are not always rational in investment decisions, as described in the behavioral finance line of studies. Attention is then paid to biases that may affect the assessments made by independent experts, called to maintain maximum objectivity and neutrality, to protect the interests of weak subjects. These include: the anchor effect, the availability bias, the confirmation bias, the familiarity effect, the halo effect, the fascination of stories, ESG 'valuewashing', biases in data selection, hindsight bias ('hindsight bias'). Therefore, some measures are proposed to mitigate improper influences to improve the quality of the evaluation process, such as peer review and external validation of the plan, the diversification of the skills of the evaluation team, the enrichment of the information base and the continuous challenge to the robustness of evaluation inputs. In conclusion, caveats are added regarding the proportionality of the in-depth analysis of the work required of the expert with respect to the importance of the object of the evaluation and the trap to avoid the overload of information and excessive evaluation complexity.