This study aims to identify and analyze cognitive bias and emotional bias in investment decision making by mediating risk perception. The research design used is quantitative. The population in this study is limited to bank customers (individuals) who invest in Surabaya using 190 respondents as a sample. Data was measured using SmartPLS software version 3.0 PLS. The results of the study show that cognitive bias is not proven to have a significant effect on investment decisions. Emotional bias is not proven to have a significant effect on investment decisions. Risk perception has been shown to have a significant negative effect on investment decisions. Risk perception has been shown to be able to mediate the effect of cognitive bias on investment decisions. Risk perception is proven to be able to mediate the influence of emotional bias on investment decisions.
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