%0 Journal Article %T .Modeling the selection of the optimal stock portfolio based on the combined approach of clustered value at risk and Mental Accounting %J Iranian Journal of Finance %I Iran Finance Association %Z 2676-6337 %A Nikoo, seyedeh farrokh %A Shams, Shahabeddin %A Tehrani, Reza %A Seighali, Mohsen %D 2021 %\ 04/01/2021 %V 5 %N 2 %P 70-94 %! .Modeling the selection of the optimal stock portfolio based on the combined approach of clustered value at risk and Mental Accounting %K portfolio optimization %K mental accounting %K value at risk %R 10.30699/ijf.2021.265185.1187 %X This paper concentrates on the modelling of optimal stock portfolio selection based on Risk Assessment and Behavioral Financial Approach Mental Accounting and 28 expert’s opinion. In this approach developing the model approved by the opinion of academic and practical experts using quantitative and qualitative methods.  Using quarterly return data of industrial indices for ten years in form of eight training and two test years indicates that the performance of DMSS and MVO based portfolios is equal however by regarding the value at risk and liquidity constraints in modeling, DMSS based portfolios perform higher than MVO portfolios. %U https://www.ijfifsa.ir/article_129422_0ac32ff7105db238c25a9a6ecf3b1433.pdf