Developing the concept of behavioral finance in the Russian financial science
Subject Traditional methods of modern financial analysis and forecasting do not give a full explanation of the studied financial events. Therefore, when formulating the conclusions and summarizing the final settlements, financiers are increasingly turning to the need to explore behavioral factors that underlie the financial decision-making. The behavioral finance science development in Russia started in the beginning of the 21 st century. The study demonstrates the key elements of the behavioral finance concept and provides the results of practical research of urgent problems of the modern Russian finance. Objectives The aim is to describe the concept of behavioral finance of the domestic financial school. Methods The article substantiates the application of the behavioral finance theory based on the key psychological concepts and heuristics for the formation of the behavioral framework to analyze financial phenomena. Results I have developed a holistic concept of consistent behavioral finance adapted to Russian conditions, with individual methodological framework, data base of long-term research and observations laying the foundation for behavioral finance development in the near future. Conclusions and Relevance Under instability and crisis, behavioral models for the analysis of the effects of financial events complement the classic tools of traditional finance and improve the quality and efficiency of financial decisions.