Вплив війни на поведінкові аспекти фінансових ринків та індивідуальні фінансові рішення

This article examines the impact of war as a destabilizing factor on the behavioral aspects of financial markets and the transformation of individual financial decisions. Drawing on concepts from behavioral economics, the study analyzes how fear, anchoring effect, and cognitive biases are triggered during military conflict, altering the decision-making models of investors, consumers, and households. It is noted that under conditions of heightened uncertainty and information asymmetry, financial decisions tend to shift toward risk aversion, cash hoarding, and reduced participation in capital markets. Particular attention is paid to the role of institutional trust as a key mediator between war and investment activity. A structural equation model is constructed to formalize the direct and indirect relationships between war, trust, and financial behavior. An analytical formula is proposed to generalize the influence of war, economic instability, market risks, social factors, and mass psychology on individual financial decisions. The study finds that financial behavior during wartime is socially determined and varies depending on age, income, education, financial experience, and region of residence. It demonstrates that in order to strengthen economic resilience, it is necessary to account for behavioral effects in financial policy, enhance financial literacy, and foster trust in institutions. The findings are of practical importance for the development of crisis response strategies, public financial regulation, and financial communications during armed conflict.. The type of article is theoretical.