The role of behavioral economics in the management decision-making process.

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Abstract

In the context of the growing complexity of the management environment and the increasing speed of strategic decision-making, traditional models of rational choice demonstrate their limitations. In this regard, the author of this work analyzes the influence of behavioral economics on the processes of corporate governance, which is particularly relevant in the context of the need to develop more realistic decision-making models. The purpose of the study is to systematize key cognitive biases that affect managerial decisions and to develop practical mechanisms for their minimization. The subject of the research is the influence of behavioral economics on the processes of managerial decision-making in corporate governance, including the analysis of key cognitive biases and the development of mechanisms for their minimization. Aspects such as bounded rationality, prospect theory, the anchoring effect, and groupthink are examined, along with their manifestations in the context of digital transformation and uncertainty. The methodological basis of the article combines theoretical analysis of the fundamental concepts of behavioral economics (bounded rationality by H. Simon, prospect theory by D. Kahneman and A. Tversky) with a detailed study of practical cases of international and Russian corporations. The author pays special attention to the comparative analysis of the effectiveness of various approaches to overcoming cognitive errors in strategic management. The research has revealed systematic patterns in the emergence of cognitive biases in strategic management and has proposed practical tools for overcoming them, such as KPIs for cognitive efficiency and digital monitoring systems for behavioral risks. The scientific novelty lies in the adaptation of international experience to Russian conditions and the development of recommendations for integrating the principles of behavioral economics into corporate governance. The study makes a significant contribution to the development of behavioral economics by offering an original typology of cognitive biases and their impact on managerial decisions. Innovative mechanisms for minimizing behavioral errors have been developed, including the "extreme scenarios" method, cognitive pricing algorithms, and behavioral risk monitoring systems based on artificial intelligence. The scientific novelty also lies in the adaptation of foreign practices to Russian corporate governance, as evidenced by successful cases of companies such as Sberbank and X5 Retail Group. The results of the research demonstrate that the integration of behavioral tools into management processes contributes to improving the quality of decisions, reducing strategic risks, and strengthening corporate resilience in the context of the digital economy.

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