Financial decision making by entrepreneurs in behavioral finance concepts

Subject. This article examines and tests the concepts of behavioral finance in the context of the activities of Russian entrepreneurs. Objectives. The article aims to study how the basic concepts of behavioral finance manifest themselves in Russian practice, namely, how Russian entrepreneurs demonstrate irrational behavior in the process of making financial decisions, and how the acquired business experience helps them make rational choices. Methods. For the study, we used a systems analysis of economic literature and statistical data obtained as a result of the questionnaire. Results. Based on the results of the analysis of the theoretical base, the article identifies and describes the main concepts and postulates of behavioral finance, psychological features and professional characteristics of the studied group of respondents, and it also forms a questionnaire adapted to the specifics of doing business by Russian individual entrepreneurs. Relevance. The results of the study can become the basis for further similar studies on other groups of Russian respondents.