Behavioral finance is a relatively new field; But it is rapidly evolving to provide explanations of an economic decision by cognitive psychology, economic theory, and conventional finance.Behavioral finance explores the influence of psychology on the behavior of financial professionals and its subsequent effects on financial markets.The main goal of the current research is to model the bias errors of managers' financial decision-making with a multi-level approach.

This research is in the field of applied research and has been investigated in two societies.The first community is experts and experts in the field of auditing, accounting and senior managers of stock companies and the second community is auditors and managers of stock companies.

To achieve the goals of the research, 75 bias errors were entered into the fuzzy Delphi model and the most important bias errors were identified.In the following, there are 5 groups of variables including the influence of macro variables, intelligence, managerial intelligence; Personality and decision-making bias errors were evaluated at different levels (high, low and medium).The results showed; All groups in different intensity and level of significance;They affect different levels of managers' decision-making, and the impact of errors on low-level decision-making is more significant and stronger; n the results of increasing the level of work experience, there is a u-shaped behavior on managers' decision making.The effect of inflated perception on meaningful decision-making levels was also evaluated. The variable of managerial intelligence, macroeconomic indicators and personality therapy also had a significant effect on different levels of decision-making.