Behavioral Models of Decision-Making by Business and Industry Stakeholders

Abstract

Abstract. The purpose of the study is to substantiate the methodological toolkit for decision-making by business and industry stakeholders, which is based on the development of a dynamic multilateral model of a strategic contract, taking into account the alternatives of agent behavior. In order to achieve the purpose of the study were used following methods: system analysis, logical generalisation, statistical and comparative analysis, principles of contract theory of the firm, the concept of dynamic abilities, methods of the theory of active systems etc. According to findings it is actualized the expediency of the transformational development of transdisciplinarity between behavioral sciences and quantitative methods of management in the context of the development of the contract theory of a firm, namely, regarding the development of a methodological basis for decision-making by business and industry stakeholders. The effectiveness of the use of a dynamic multilateral model of a strategic contract is substantiated, which takes into account the behavioral models of the main stakeholders (investor-owner-employees) based on individual utility functions, which as a result connects three tasks that are consistently solved during each period. For the targeted use of the behavioral effects that arise between the parties to the contract in the process of its implementation, the proposed model of agency relations is based on the relationship between themselves and the overall results of the strategy. It is presented the options for planning the effectiveness of contracts for the interaction of agents based on the use of organizational and economic management tools, which are determined by them independently or under targeted influence in order to create additional behavioral prerequisites. The proposed dynamic multilateral model synthesizes the prerequisites, conditions for the effectiveness of decision-making by business and industry stakeholders in conditions of risk and uncertainty. It allows to consider several behavioral effects that arise between the parties to the contract, based on the individual usefulness of the contribution to the implementation of the business strategy. The practical significance of the obtained results manifests itself in the fact that the use of the developed decision-making models by business and industry stakeholders for the purpose of strategic resource planning based on the optimization of the use of organizational and economic resources will contribute to the concentration on the relevant behavioral aspects of agents and restrictions, taking into account the exchange between the internal and external environments.
 Keywords: behavioral model, decision-making, agent, stakeholder, strategic planning, contract efficiency, business, industry.
 JEL Classification A12, C52, D1
 Formulas: 31; fig.: 1; tabl.: 0; bibl.: 27.

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