Development of finance management of enterprises and organizations from point of view of the theory of bounded rationality
Doklady Bashkirskogo Universiteta. 2016. Volume 1. No. 3. pp. 567-572.
Authors
Zulkarnay I. U.*
Bashkir State University
32 Zaki Validi Street, 450076 Ufa, Russia
*E-mail: zulkar@mail.ru
Galiaskarov F. M.
Bashkir State University
32 Zaki Validi Street, 450076 Ufa, Russia
Abstract
The article gives a short survey of the main directions of finance management in the enterprises and organizations, among which the authors focus on a direction based on the theory of bounded rationality in decision-making process of individuals. The article focuses on the topic that the methods of financial management are based on the concept of rational behavior of individuals, so-called an economic man or homo economicus whereas the real individuals are limited in their decision-making process that it is described by the theory of bounded rationality. There are examples of bounded rationality in individuals decision-making in financial markets that were experimentally proved. And in these cases the individuals didn’t follow rules that are recommended by finance management rules.
Keywords
- financial management
- enterprises
- organizations
- bounded rationality