Thesis for a Candidate Degree in Economics, specialty 08.00.07 – demography, labor economics, social economics and politics. – Simon Kuznets Kharkiv National University of Economics, Kharkiv, 2021.
The dissertation deals with the development of scientific and theoretical principles, methodological and practical recommendations on investment behavior of households under uncertainty conditions.
Theoretical provisions concerning the interpretation of the essence of the households’ investment behavior has been deepened. Directions of investment behavior at all levels of the economy (financial, non-financial tangible and intangible directions) due to the redistribution of the income from all sources and savings received in previous periods and affected by set of factors have been substantiated. It has been proved that modern economic conditions are characterized by a high level of uncertainty. The concept “uncertainty” in the context of investment behavior has been deepened, which determine uncertainty through a combination of the environmental uncertainty and the personal households’ uncertainty. Environmental uncertainty has been characterized by poor or lack of information, the inability to clearly understand future events, the unlimited number of future scenarios. The personal uncertainty has been characterized by the factors – lack of goals, information, attitude to risk, psychological unpreparedness and emotional and volitional instability to challenges in the environment.
The methodical approach to the analysis of households’ incomes and expenditures structure in the context of defining the households’ investment behavior has been formulated. The households’ income and expenditure structure include household income received from all types of statutory sources (wages, incomes from state support, from private sources, from investment, from the lease of movable and immovable property) with the possibility of savings, and their distribution into groups of expenditures (consumer, non-consumer, investment).
A methodical approach to assessing the level of uncertainty in households’ investment behavior has been formed. The refined method of calculating consumer confidence indices to assess the level of uncertainty has been substantiated. It allows to assess the level of environmental uncertainty based on the calculation of the indices of expected economic development over the next year and over the next five years; and the level of personal uncertainty based on the calculated indices – the expected changes in personal financial situation, the current personal financial situation, the feasibility of making large purchases. The classification of households’ investment expenditures as directions of their investment behavior has been clarified. It is substantiated that the composition of investment expenditures as directions of households’ investment behavior includes additional investment expenditures incurred by households at the micro level of economy together with the expenditures of households, which officially defined as consumer and non-consumer expenditures, but are essentially investment. It is established that households’ investment behavior is influenced by various factors. The most significant of them there are the level of savings in previous periods, the average level of household income and the current level of uncertainty.
A matrix of households’ investment behavior directions choice has been constructed, which allows to single out the directions of investment activity depending on the level of economy and the level of uncertainty. The proposed matrix will allow to determine the priority directions of investment activity in the state to intensify investment behavior in conditions of different levels of uncertainty. The analytical support for analyzing the households’ investment behavior under uncertainty conditions of at the macro-, meso- and microeconomic levels has been outlined. It is allowed to make the comprehensive analysis of income and investment expenditure as directions of investment behavior of households in the context of uncertainty at all levels of the economy.
Keywords: household, households’ investment behavior, uncertainty during households’ investment behavior, structure of household income and expenditure, investment expenditures, directions of households’ investment behavior, levels of economy.
