Elderly population in terms of behavioral economics and economic psychology
Research Article
Acknowledgments
The research was funded by the Russian Science Foundation, grant No. 23–28–00306 «Conceptual foundations of functioning and development of an anti-victim personality in old age». URL: https://rscf.ru/project/23–28–00306/.
How to Cite
Budyakova T.P. Elderly population in terms of behavioral economics and economic psychology. Population. 2025. Vol. 28. No. 2. P. 183-194. DOI: https://doi.org/10.24412/1561-7785-2025-2-183-194 (in Russ.).
Abstract
The article provides a comparative analysis of theories and methodologies of behavioral economics and economic psychology in terms of the specific features of economic activity of the elderly population. There are identified and compared the main areas of research in the paradigm of behavioral economics, proving the presence of the factor of limited rationality in the behavior of elderly people, and the studies carried out within the framework of economic psychology, which highlight economic preferences, needs and interests caused by the silver age as the main subject of research,. Attention is focused on two key, but alternative features of modern behavioral economics: orientation towards helping consumers and manipulation of consumer choice. It is shown that cognitive distortions of information in the analysis of economic situations, identified by behavioral economists, both unintentionally and in some cases even intentionally, become the basis for deceiving consumers, especially elderly people. Attention is focused on the fact that rationality and irrationality and their role in economic decisions are understood differently in economics and psychology. In psychology, a choice can be considered rational even if it contradicts economic feasibility, but meets the non-property interests of the individual. Due to this, it is argued that behavior of older people, formally considered irrational, can in some cases be assessed as rational, reflecting their specific life situation. The problem of a more qualitative and complete integration of the conceptual and methodological foundations of economic psychology and behavioral economics, as well as expansion of the methodological tools for solving the problems of protecting the elderly population from economic fraud is covered. As a tool for empirical study of victim behavior as a clearly irrational for the elderly, it is proposed to use the case method.
Keywords:
behavioral economics, economic psychology, limited rationality, elderly population, case method, victim behavior
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5. McConnell M. Behavioral economics and aging. The Journal of the Economics of Ageing. 2013. Vol. 1–2. P. 83–89. DOI: 10.1016/j.jeoa.2013.09.001
6. Niimi Y., Horioka C. Y. The wealth decumulation behavior of the retired elderly in Japan: The relative importance of precautionary saving and bequest motives. Journal of the Japanese and International Economies. 2019. Vol. 51. March. P. 52–63. DOI: 10.1016/j.jjie.2018.10.002
7. Striani F. Life-cycle consumption and life insurance: Empirical evidence from Italian Survey. Physica A: Statistical Mechanics and its Applications. 2023. Vol. 619. June. 128719. DOI: 10.1016/j.physa.2023.128719
8. Horioka C. Y. The (dis)saving behavior of the aged in Japan. Japan and the World Economy. 2010. Vol. 22. No. 3. August. P. 151–158. DOI: 10.1016/j.japwor.2010.02.001
9. Huang Y., Ma Y., Ou J., Ma J. Capital or burden? The impact of social networks on elderly care services consumption: Evidence from China. International Review of Economics & Finance. 2024. Vol. 94. July. 103416. DOI: 10.1016/j.iref.2024.103416
10. Budyakova T. P., Baturkina G. V. Viktimologicheskiye bar’yery u pozhilykh lyudey k zanyatiyam fizicheskoy kul’turoy v publichnom prostranstve [Victimological barriers in older people to physical education in public space]. Teoriya i praktika fizicheskoy kul’tury [Theory and Practice of Physical Culture]. 2023. No. 5. P. 42–44. (in Russ.)
11. Wilkinson N., Klaes M. An Introduction to Behavioral Economics. New York. Palgrave Macmillan. 2012. 616 p.
12. Rabin M. A perspective on psychology and economics. European Economic Review. 2002. Vol. 46. No. 4–5. P. 657–685. DOI: 10.1016/S0014-2921(01)00207-0
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14. Harder D., Dorn J. Mind, Money & Markets. Victoria. Canada. Friesen Press. 2014. 432 p.
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16. Anand P., Lea S. The psychology and behavioural economics of poverty. Journal of Economic Psychology. 2011. Vol. 32. Iss. 2. March. P. 284–293. DOI: 10.1016/j.joep.2010.11.004
17. Kapelyushnikov R. I. Povedencheskaya ekonomika: neskol’ko kommentariyev o ratsional’nosti i irratsional’nosti [Behavioral economics: some comments on rationality and irrationality]. Zhurnal ekonomicheskoy teorii [Journal of Economic Theory]. 2018. Vol. 15. No. 3. P. 359–376. DOI: 10.31063/2073-6517/2018.15-3.1 (in Russ.)
18. Tversky A., Kahneman D. The framing of decisions and the psychology of choice. Science. 1981. Vol. 211. No. 4481. P. 453–458.
19. Maloney M., McCarthy A. Understanding pension communications at the organizational level: Insights from bounded rationality theory & implications for HRM. Human Resource Management Review. 2017. Vol. 27. No. 2. P. 338–352. DOI: 10.1016/j.hrmr.2016.08.001
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24. Sadirowa D. A., Kornilova K. A. Povedencheskaya ekonomika v sovremennoy Rossii. Osobennosti razvitiya [Behavioral economics in modern Russia. Features of development. Trends in the development of science and education]. Tendentsii razvitiya nauki i obrazovaniya [Trends in the Development of Science and Education]. 2022. No. 98. Part 6. P. 77–80. (in Russ.)
25. Ivannikov V. A. Ponyatiye lichnosti v psikhologii [The notion of personality in psychology]. Voprosy psikhologii [Issues of Psychology]. 2012. No. 5. P. 125–131. (in Russ.)
26. Gribanov V. P. Osushchestvleniye i zashchita grazhdanskikh prav [Implementation and Protection of Civil Rights]. Moscow. 2000. 411 p. (in Russ.)
27. Budyakova T. P., Pronina A. N., Antipina E. A. Strategii zhizni v pozhilom vozraste [Strategies for living in old age]. Psikhologiya i psikhotekhnika [Psychology and Psychotechnics]. 2024. No. 2. P. 98–113. DOI: 10.7256/2454-0722.2024.2.70478 (in Russ.)
28. Budyakova T. P. Viktimologicheskiye aspekty pravovogo instituta kompensatsii moral’nogo vreda [Victimological Aspects of the Legal Institution of Compensation for Moral Damage]. Moscow. 2016. 222 p. (in Russ.)
29. Simon H. A. Rationality as process and as product of thought. American Economic Review. 1978. Vol. 68. No.2. P. 1–16.
30. Lisciandra C. The role of psychology in behavioral economics: The case of social preferences. Studies in History and Philosophy of Science. Part A. 2018. Vol. 72. December. P. 11–21.
31. Thaler R. Novaya povedencheskaya ekonomika. Pochemu lyudi narushayut pravila traditsionnoy ekonomiki i kak na etom zarabotat’ [New Behavioral Economics. Why People Violate the Rules of Traditional Economics and How to Make Money on It]. Moscow. Eksmo. 2022. 542 p. (in Russ.)
32. Latif L. A., Azman M. I. The persuasive strategies of scammers in facebook Bitcoin investment posts: An examination through the elaboration likelihood model (ELM) perspective. International Journal of Latest Research in Humanities and Social Science. 2024. Vol. 7. Iss. 7. P. 147–151.
33. Gryazina A. S., Timokhina V. S. Moshennichestvo v otnoshenii pensionerov [Fraud against pensioners]. Vestnik Penzenskogo gosudarstvennogo universiteta [Vestnik of Penza State University]. 2022. No. 3. P. 81–84. (in Russ.)
Article
Received: 25.08.2024
Accepted: 18.06.2025
Citation Formats
Other cite formats:
APA
Budyakova, T. P. (2025). Elderly population in terms of behavioral economics and economic psychology. Population, 28(2), 183-194. https://doi.org/10.24412/1561-7785-2025-2-183-194
Section
FINANCIAL BEHAVIOR OF POPULATION
