ECONOMIC BEHAVIOR AND DECISION MAKING: СASE STUDY

Abstract

The subject of the article is the process of making an economic decision. The stages of the history of economic-psychological researches – economic psychology, behavioral economy, psychology of economic behavior are distinguished. The contribution to the study of the psychological factors of the economic behavior of the winners of the Nobel Prize in Economics is shown. The theory of rational expectations of John von Neumann and O. Morgerstern Is characterized, particular attention is paid to the prospect theory of D. Kaneman and A. Tversky. The latter is presented in the form of heuristic decision making – representativeness, availability, adjustment, and anchoring, in addition, with the distinction of rational and irrational moments of this process. It is stated that the corresponding model of decision making does not take into account and that behind the economic- psychological lies in the actual psychological logic that a person makes decisions based on his own strategy, coping. The concept of decision making is substantially incomplete. Opportunity of the possibility of specification of the prospect theory of by the Case Study method – the analysis of a particular case of economic behavior opens. The Melbourne decision making questionnaire applies, the factors of this process – vigilance, back-passing, procrastination, and hypervigilance are manifest. The investigator is given the instruction to make an expanded comment on every statement, to explain own argumentation, as well as the obtained result. The rational and irrational components of its solution and features of coping are analyzed. It is determined that vigilance is the dominant factor, it turns out to be the most productive way of decision making. A model of coping of decision making, which specifies the theory of the prospects of D. Kaneman and A. Tversky and expands the limits of its application in the field of psychology of human economic behavior, is constructed.

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