Subject. The article focuses on the decision-making mechanism used by economic agents given the existing social constraints. Objectives. We devise applied toolkit to study how socio-economic constraints transform the decision-making mechanism used by economic agents. Methods. The study involves means of the expert survey, the method that streamlines economic knowledge. Results. Social constraints are illustrated to influence the decision-making mechanism used by economic agents, assuming that the individual mind relies on specific mechanisms to make judgments and decisions. Generally, the mechanisms are very useful, however they may generate serious errors during the decision-making process. Given the social constraints, economic agents were found to follow four mental models to make their decisions in case of the full or partial uncertainty, i.e. the representative relevance, accessibility, relations, heuristics (modeling). Conclusions and Relevance. The scientific ideas herein show that the inner architecture of a choice an individual makes determines his or her decisions. The decisions often depend on the contextual environment that gives external signals perceived by the individual while evaluating alternative ways. The findings can possibly be used as a mechanism to manage the consumer choice.
Tversky A., Kahneman D. Rational Choice and the Framing of Decisions. Part 2: The Behavioral Foundations of Economic Theory. The Journal of Business, 1986, vol. 59, no. 4, pp. 251–278. URL: Link
Thaler R.H. From Homo Economicus to Homo Sapiens. The Journal of Economic Perspectives, 2000, vol. 14, iss. 1, pp. 133–141. URL: Link
Dolyatovskii V.A., Grechko M.V. [Modeling the mechanisms of economic agent behavior]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2018, vol. 17, iss. 10, pp. 1835–1848. (In Russ.) URL: Link
Weber M. Die “Objektivität” sozialwissenschaftlicher und sozialpolitischer Erkenntnis. Archiv für Sozialwissenschaft und Sozialpolitik, 1904, Bd. 19, Heft 1, pp. 22–87. URL: Link
North D.C. Five Propositions about Institutional Change. In: Knight J., Sened I. Explaining Social Institution. Ann Arbor, University of Michigan Press, 1995.
Walras L. Etudes D'Economie Sociale. Harvard College, Library Book, 1929, 464 p.
Hodgson G.M.The Ubiquity of Habits and Rules. Cambridge Journal of Economics, 1997, vol. 21, iss. 6, pp. 663–684. Stable URL: Link
Commons J.R. Institutional Economics. The American Economic Review, 1931, vol. 21, no. 4, pp. 648–657.
Robbins L. An Essay on the Nature and Significance of Economic Science. Ch. 1. London, Macmillan, 1935, pp. 1–23.
Thirlwall A.P. Essays on Keynesian and Kaldorian Economics. N.Y., Palgrave Macmillan, 2015, p. 396.
Arrow K.J. Economic Welfare and the Allocation of Resources for Invention. In: The Rate and Direction of Inventive Activity: Economic and Social Factors. Princeton, N.J., Princeton University Press, National Bureau of Economic Research, 1962, pp. 609–626.
Becker G.S. Crime and Punishment: An Economic Approach. In: Essays in the Economics of Crime and Punishment. Ed. by G.S. Becker, W.L. Landes. Columbia University, 1974, p. 10.
Coase R.H. Economists and Public Policy. In: Essays on Economic and Economists. Ed. by R.H. Coase. Chicago, University of Chicago Press, 1994, p. 61.
Simon H.A. Rationality as Process and as Product of Thought. The American Economic Review, 1978, vol. 68, no. 2, pp. 1–16. Stable URL: Link
Belyanin A.V. [Daniel Kahneman and Vernon Smith: Nobel Prize for the Feeling of Reality (Economic Analysis of Human Behavior)]. Voprosy Ekonomiki, 2003, no. 1, pp. 4–23. (In Russ.) URL: Link
Kapelyushnikov R.I. Povedencheskaya ekonomika i novyi paternalism. WP3/2013/03 [Behavioural Economics and New Paternalism. WP3/2013/03]. Moscow, HSE Publ., 2013, 76 p.
Klyucharev V.A., Smidts A., Shestakov A.N. [Neuroeconomics: The neurobiology of decision-making]. Eksperimental'naya psikhologiya = Experimental Psychology (Russia), 2011, vol. 4, no. 2, pp. 14–35. URL: Link (In Russ.)
Dadalko V.A., Solovkina E.D. [Competences for digital economy and transformation of the educational system on the sixth economic paradigm]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2018, vol. 14, iss. 5, pp. 913–926. (In Russ.) URL: Link
Astaf'eva O.V. [Specifics of management under contemporary technological mode change]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2018, vol. 17, iss. 2, pp. 340–352. (In Russ.) URL: Link
Nikonova A.A. [The technological economy model in Russia: Prospects and practical distinctions]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2018, vol. 14, iss. 2, pp. 304–331. (In Russ.) URL: Link
Baranova N.M., Sorokin L.V. [The role of research and development in sustainable economic development]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2017, vol. 13, iss. 11, pp. 2035–2048. (In Russ.) URL: Link
Stasev M.A. Grechko M.V. [Portrait of the consumer of educational services (on the example of the Higher School of Business of the Southern Federal University)]. Ekonomika i upravlenie: problemy, resheniya = Economics and Management: Problems, Solutions, 2020, vol. 1, no. 1, pp. 76–81. (In Russ.)
