This study aims to investigate the role of risk tolerance as a mediator in the investment choices of retail investors on Pakistan Stock Exchange. Research addresses criticisms of the descriptive theories in behavioral economics and emphasizes the importance of understanding factors that impact consumers' financial decisions for a more efficient and stable financial system. The study analyzes organizational, personal, and market factors to determine relative significance. Sample for this study consists of individual investors actively trading on Pakistan Stock Exchange. The findings indicate that individual investors' investment behavior is mainly swayed by market factors, personal characteristics, and organizational context. Study findings hold value for various stakeholders, including investors, brokerage companies, managers, and government officials. By utilizing these findings to inform their decision-making processes, these stakeholders can make more informed choices. Thus, understanding the role of risk tolerance and the influence of different factors contributes to development of a stronger and more knowledgeable financial system.

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