Behavioral paradigm in economics and finance: genesis, essence and practical application

Authors

  • A.A. Kuksa Polessky State University, Pinsk, Republic of Belarus
  • D.A. Pankov Belarusian State Economic University, Minsk, Republic of Belarus
  • L.I. Stefanovich Belarusian State University, Minsk, Republic of Belarus

Keywords:

behavioral paradigm, behavioral economics, behavioral finance, behavioral supervision, financial behavior of the population, rational and irrational behavior of economic agents

Abstract

The article raises the issues of theory and practice of behavioral economics, behavioral finance. Complementing the rational approach of economic decision-making by economic subjects of classical and neoclassical economic schools behavioral economists proved the irrational component of this process. Behavioral economists created their behavioral theory of economics and built the factors of irrationality of decision-making by economic subjects into economic and mathematical models. The achievements of the behavioral school of economics are adequate and applied to decision-making at the level of state importance, at the level of corporations and households. The authors make proposals within the framework of the behavioral paradigm for the financial system of Belarus.

Author Biographies

A.A. Kuksa, Polessky State University, Pinsk, Republic of Belarus

PhD in Econ. Sc., Associate Professor, Associate Professor of the Department of Banking and Financial Markets

D.A. Pankov, Belarusian State Economic University, Minsk, Republic of Belarus

Doctor of Econ. Sc., Professor, Head of the Department of Accounting, Analysis and Audit in the Branches of National Economy

L.I. Stefanovich, Belarusian State University, Minsk, Republic of Belarus

Doctor of Econ. Sc., Professor, Professor of the Department of Banking Business and Financial Technologies

References

Кун, Т. С. Структура научных революций / Т. Кун ; пер. с англ. И. З. Налетова ; общ. ред. и послесл. С. Р. Микулинского и Л. А. Марковой. – Москва : Прогресс, 1975.

Управителев, А. А. Поведенческий империализм и три стадии развития поведенческой экономики / А. А. Управителев // ЭКО. – 2022. – № 6. – С. 67–88.

Simon, H. A Behavioral Model of Rational Choice / H. Simon // The Quarterly Journal of Economics. –1955. –Vol. 69. – No. 1. – P. 99–118.

Kahneman, D. Prospect theory: An analysis of decision under risk. / D. Kahneman, A. Tverski // Econometrica. – 1979. – No. 47. – P. 263–291.

Положихина, М. А. Уровень развития поведенческой экономики за рубежом и в России. (Обзор) / М. А. Положихина // Социальные новации и социальные науки. – 2023. – № 2. – С. 10–28.

Румянцева, О. И. Денежно-кредитная политика в условиях транзитивной экономики: теория, методология, практика : автореф. дис. … д-ра экон. наук / Румянцева О. И. – Минск, 2019. – 46c.

Золотарева, О. А. Формирование инфра-структуры доверия на финансовом рынке / О.А. Золотарева // Экономика и банки : научно-практический журнал. – 2021. – № 2. – С. 3-12.

Кукса, О. А. К вопросу измерения уровня доверия к отечественной экономике / О. А. Кукса // Экономика и банки : научно-практический журнал. – 2023. – № 1. – С. 3–12.

Покровская, Н. В. Влияние доверия на отношение к налоговой дисциплине в контексте развития экономики в странах Союзного государства / Н.В. Покровская, О.А. Теляк // Экономика. Профессия. Бизнес : научный рецензируемый журнал. – 2022. – № 2. – С. 70-77.

Рудый, К. В. «Потому что так решили мы»: поведенческая экономика Беларуси и ее раскодирование: 2017 / К. В. Рудый [и др.] ; под науч. ред. К.В. Рудого. – Минск : Звезда. – 368 с.

Цели устойчивого развития в Беларуси [сайт]. – URL: https://sdgs.by/ (дата обра-щения: 26.11.2024).

Стефанович, Л. И. Обеспечение стабильности финансового сектора Республики Беларусь / Л. И. Стефанович // Журнал Белорусского государственного университета. Экономика. – 2019. – № 2. – С. 48-56.

Киевич, А. В. Анализ основных показателей финансового рынка Республики Беларусь / А. В. Киевич // Устойчивое развитие экономики: состояние, проблемы, перспективы : сборник трудов XVI международной научно–практической конференции, Пинск, 29 апреля 2022 г. : в 2 ч. / Министерство образования Республики Беларусь [и др.] ; редкол.: В.И. Дунай [и др.]. – Пинск : ПолесГУ, 2022. – Ч. 1. – С. 83-89.

References

Kun Т. С. Struktura nauchnih revolutsiy [The structure of a scientific revolution]. Moskow, Progress, 1975. (In Russian)

Upravitelev А.А. Povedencheskiy imperialism I tri stadii razvitiya povedencheskoy economiki [Behavioural imperialism and the three stages of development of behavioural economics]. EКО. 2022, no. 6., pp. 67–88. (In Russian)

Simon H. A Behavioral Model of Rational Choice. The Quarterly Journal of Economics. 1955, vol. 69, no. 1. pp. 99–118.

Kahneman D., Tverski A. Prospect theory: An analysis of decision under risk. Econometrica. 1979, no. 47, pp. 263–291.

Polozhihina M.A. Uroven razvitiya povedencheskoy ekonomiki za rubezhom i v Rossii. (Obzor) [Level of development of behavioural economics abroad and in Russia. (Review)]. Sotsialnye novatsii I sitsialnye nauki [Social innovations and social sciences]. 2023, no. 2, pp. 10–28. (In Russian)

Rumiantseva О.I. Denezhno-kreditnaya politika v usloviah tranzitivnoy economiki: teoriya, metodologia, praktika [Monetary Policy in Transit Economy: Theory, Methodology, Practice]. Abstract of Doctor’s degree dissertation. Minsk, 2019, 46 p. (In Russian)

Zolotareva О.A. Formirovanie infrastrukturi doveria na finansovom rynke [Formation of trust infrastructure in the financial market]. Econimika I banki [Economics and Banks], 2021, no. (2), рp. 3-12. (In Russian)

Кuksа О.А. K voprosu izmereniya urovnia doveria r otechestvennoy economike [To-wards measuring the level of confidence in the domestic economy]. Econimika I banki [Economics and banks : scientific and practical journal]. 2023, no.1, pp. 3–12. (In Russian)

Pokrovskaya N.V., Tseliak О.А. Vliyanie doveria na otnoshenie k nalogovoy distsipline v kontekste razvitia economiki v stranah Souznogo gosudarstva [Impact of trust on attitudes towards tax discipline in the context of economic development in the Union State countries]. Economika. Professya. Biznes. [Economics. Profession. Business]. 2022, no. 2, pp. 70-77. (In Russian)

Rudiy К.V. et al. «Potomu chto tak reshili mi»: povedencheskaya economika Belarusi I ee raskodirovanie [Because we decided so: behavioural economics in Belarus and its decoding]. 2017, Minsk, Zvezda, 368 p. (In Russian)

Tseli ustoichivogo razvitiya v Belarusi [Sustainable Development Goals in Belarus] Available at: //sdgs.by/ (accessed 26.11.2024).

Stefanovich L.I. Obespechenie stabilnosri finansovogo sectora Respubliki Belsrus [Ensuring stability of the financial sector of the Republic of Belarus]. Zhurnal Beloruskogo gosudarstvennogo Universiteta. Economika [Journal of the Belarusian State University. Economy]. 2019, no.2, pp. 48-56. (In Russian)

Kievich А.V. Analiz osnovnih pokazatelei finansovogo tynka Respubliki Belarus [Analysis of the main indicators of the financial market of the Republic of Belarus]. Ustoichivoe razvitie econimiki: sostoyanie, problemy, perspectivi [Sustainable economic development: state, problems, prospects]. Pinsk, PolesSU, 2022, pp. 83-89. (In Russian)

Downloads

Published

2025-01-10

How to Cite

Кукса, О., Панков, Д., & Стефанович, Л. (2025). Behavioral paradigm in economics and finance: genesis, essence and practical application. Economy and Banks, (2), 48-55. Retrieved from https://ojs.polessu.by/EB/article/view/1947

Issue

No. 2 (2024)

Section

Finance, money circulation and credit

License

he author provides the Editorial Board of the journal for the entire duration of the exclusive rights to the Work the following rights:
1. the right to reproduce the Work (publication, publication, duplication, duplication or other reproduction of the Work) without restriction of copies. In addition, each copy of the Work must contain the name of the author of the Work;
2. the right to distribute the Work in any way;
3. the right to be included in the composite work;
4. the right to be communicated to the public;
5. the use of metadata (title, name of the author (copyright holder), annotations, bibliographic materials, etc.) of the Works by distributing and making available to the public, processing and systematization, as well as inclusion in various databases and information systems.
6. the right to transfer, on a contractual basis, the rights partially or fully obtained under this contract to third parties without payment to the Author of remuneration.
The author transfers the rights to the Editorial Board under this Agreement on the basis of a non-exclusive license.
The editorial staff is obliged to observe the copyrights provided for by the current legislation, the rights of the Author, as well as to protect them and take all possible measures to prevent copyright infringement by third parties.
The territory in which the use of rights to the Works is allowed is not limited.
The author also provides the Editorial Board with the right to store and process the following personal data with no time limit:
• Full Name;
• Date of Birth;
• education information;
• information about the place of work and position;
• information on the availability of published works of literature, science and art.
Personal data are provided for their storage and processing in various databases and information systems, their inclusion in analytical and statistical reporting, the creation of reasonable interrelationships of objects of science, literature and art with personal data, etc.
The editorial board has the right to transfer the specified data for processing and storage to third parties, subject to notification of such a fact with the provision of information about a third party (name and address) to the Author.
The withdrawal of consent to the storage and processing of personal data is made by the Author by sending a written notice to the Editorial Board.
The author and the Editorial Board of the journal bear, according to the current legislation of the Republic of Belarus, property and other legal responsibility for non-fulfillment or improper fulfillment of their obligations.
The Party that improperly performed or did not fulfill its obligations is obliged to indemnify the losses incurred by the other Party, including lost profits.
All disputes and disagreements of the Parties arising from the terms of this Agreement shall be settled by negotiation, and if they fail, the indicated disputes shall be settled in court in accordance with the current legislation of the Republic of Belarus.
The termination of this agreement is possible at any time by mutual consent of the Parties, with the obligatory signing of the relevant agreement by the Parties.
Termination of this agreement unilaterally is possible in cases stipulated by the current legislation, or by a court decision.
In all that is not provided by this agreement, the Parties are guided by the norms of the current legislation of the Republic of Belarus.