Features of risks assessment from the position of the behavioral economy

Abstract

Subject. The article is devoted to the actual topic of modernity – risk management in terms of behavioral economics. Since the domestic theory of risk management is under development, the problem of a clear comprehensive definition of "risk" becomes now of particular relevance. Goals. The study of the mechanism of risk management in the economy from the perspective of psychology. Tasks. Review the main concepts of risk management; to study its components in business; reflect the system and principles of risk management. Methodology. Methods of cognition, retrospective and documentary analysis, as well as synthesis, generalization, systematization were used as methods for performing the work. Results. The cognitive and psychophysical factors that determine the value of choice under risk conditions, proposed by Israeli scientists Daniel Kahneman and Amos Tversky, which contributed to a fundamental breakthrough in the understanding of human behavior under uncertainty and created an economic theory of prospects, were studied. Application area. Risk management from the perspective of economic psychology. Conclusions. The psychological foundations of decision-making in risky situations play a fundamental role. In the risk there is always a certain subjective value, depending on the individual subjective assessment of probability. It is established that in most cases individuals are not prone to risk, and as a rule, an equal change in benefits and losses has unequal value for the subject, so losses, other things being equal, are experienced by the person making the decision, with great emotional costs. There is a direct relationship between the dynamics of the level of risk and the dynamics of profitability, namely: the higher the average profitability of a particular operation, the higher the risk associated with it. The level of threats in the market today is higher than the level of potential profit.