Irrational behavioral models of personal finance and their evolution in the digital economy

L. V. Tserkasevich
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Abstract

Aim. To review the evolution of scientific concepts investigating the motives for decision[1]making based on irrational consumer behavior and to identify real changes in behavioral models   of personal finance.   Objectives. To examine the evolution of scientific concepts of the world’s leading scientists on   decision-making motives in the consumer market; to consider the effects of irrational consumer   behavior; to identify key changes in consumer buying decision behavior caused by digitalization. Methods. The article is based on the analysis of scientific works of leading classical economists,   interdisciplinary scientific research of modern foreign and domestic scientists devoted to the   issues of decision-making in the field of consumption. The institutional approach was applied,   which allowed us to study the evolution of irrational behavior in the field of personal finance   depending on the dominant social values. Results. In the process of analyzing theoretical provisions of famous scientists up to the middle   of the twentieth century, the justification of consumers’ decision-making in the consumer market   based on their desire to maximize pleasure, utility of welfare is presented. Such behavior can be   attributed to irrational behavior. Gradually, taking into account the market regulators of consumption opportunities, scientists come to the conclusion about the rational behavior of individuals. However, by the end of the twentieth century, the position of scientists changes towards   limited rationality due to the inability of individuals to adequately assess the array of information   affecting decision-making in the consumer market. On the basis of conclusions drawn by modern   scientists in the framework of interdisciplinary research, such a new direction of economic science   as “behavioral economics” emerges, which combined the knowledge of both economics and psychology. Modern research has shown some effects in behavioral finance related to the irrationality of   consumer behavior when making a purchase decision: the Veblen effect, the Diderot effect and   others. The latest research on the impact of digitalization on consumer behavior reflects the   changes taking place in consumer behavior towards rationalization.  Conclusions. The concepts and models describing the peculiarities of irrational behavior of   individuals related to decision-making and based on irrational spending of personal financial   resources from the point of view of classical economic science are considered. The evolution of   scientific concepts of irrational behavior of the world’s leading economists during two centuries   is presented. The effects of irrational consumer behavior proposed by scientists in the framework   of interdisciplinary research are studied. Among them are the Veblen effect, the Diderot effect.   The influence of digitalization on personal finance decision-making is shown. 
个人理财的非理性行为模式及其在数字经济中的演变
目的回顾研究基于非理性消费行为的决策[1]动机的科学概念的演变,并确定个人理财行为模式的真正变化。 目标。研究世界顶尖科学家关于消费市场决策动机的科学概念的演变;考虑非理性消费行为的影响;确定数字化引起的消费者购买决策行为的主要变化。研究方法。文章基于对著名古典经济学家的科学著作的分析,以及现代国内外科学家对消费领域决策问题的跨学科科学研究。文章采用了制度方法,从而研究了个人理财领域非理性行为的演变取决于社会主流价值观。研究结果在分析二十世纪中叶以前著名科学家的理论规定的过程中,提出了消费者在消费市场中基于最大化快乐、福利效用的愿望进行决策的理由。这种行为可以归结为非理性行为。渐渐地,考虑到消费机会的市场调节剂,科学家们得出了关于个人理性行为的结论。然而,到 20 世纪末,科学家的立场转向有限理性,原因是个人无法充分评估影响消费市场决策的一系列信息。根据现代科学家在跨学科研究框架内得出的结论,出现了 "行为经济学 "这一新的经济科学方向,它结合了经济学和心理学的知识。现代研究表明,行为金融学中的一些效应与消费者在做出购买决策时的非理性行为有关:维布伦效应、狄德罗效应等。关于数字化对消费者行为影响的最新研究反映了消费者行为正朝着理性化方向发展。 结论。从古典经济科学的角度,研究了描述与决策有关的个人非理性行为特征的概念和模型,以及基于个人财务资源的非理性支出。介绍了两个世纪以来世界著名经济学家关于非理性行为科学概念的演变。研究了科学家们在跨学科研究框架内提出的非理性消费行为效应。其中包括维布伦效应和狄德罗效应。 展示了数字化对个人财务决策的影响。
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