THE PLACE OF MORALITY IN THE THEORETICAL SCHEME OF BEHAVIORAL FINANCE: STATEMENT OF THE PROBLEM

Abstract

The article considers the main definitions of the concept of "behavioral finance" provided by various scientists. Conditional problems of behavioral finance in modern conditions. It is concluded that the traditional approaches for identifying the directionality of the influence of behavioral factors on the adoption of managerial financial decisions are insufficient. To reveal the manifestation of behavioral finance in market conditions, it is proposed to take into account the mechanism of implicit interaction of companies. To identify the level of coordination of motives of persons who make financial management decisions, an indicator of the level of coordination of interests of interacting subjects is proposed. The constructions presented in the article can be used to substantiate the financial development strategy of individual companies, taking into account the intentions of other market participants. The evolution within the framework of institutionalism of theoretical ideas about the socio-mental, psycho-emotional basis of economic and financial decisions led to the development of behavioral economics and, within its framework, behavioral finance - a new scientific direction that, on the basis of interdisciplinary, i.e., on the basis of the postulates of various social sciences, substantiates regularities, the reasons and consequences of making materially non-ideal financial and economic decisions under the influence of various behavioral biases. The main idea of behavioral finance is most likely not the ascertainment of the existence of all these behavioral biases, but, apparently, the possibility of creating models that would explain behavioral biases systematically, comprehensively, in various aspects, in order to predict people's behavior and minimize its negative consequences. It is obvious that patterns of behavioral prejudices manifest themselves in different ways in different countries, because the environment of informal institutions and the system of value approaches within which people make their financial and economic (and not only such) decisions are different and specific.