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Empirical Analysis of Rationality on the Base of Students' Survey

Student: Aleksandr Davydov

Supervisor: Ivan V. Rozmainsky

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

Abstract. The article puts forward and tests the hypothesis that the behavior of modern students does not correspond to the standard neoclassical theory and is better explained based on the synthesis of various branches of institutionalism and post Keynesianism. We are trying to prove that modern Russians have limited rationality when investing in financial assets, spend their incomes unevenly and are unable to predict their future levels. Finally, the consumer choice of Russians is modified under the influence of social pressure, i.e. he is not immanent. These statements are verified on the basis of a database collected on the basis of opinion polls conducted in January and February 2018. The sample included more than 100 people, mostly students. Econometric testing is carried out through the use of probit model of binary choice. The results of the study indicate that limited rationality rather than complete rationality is inherent in modern Russians. One of the conclusions is that students studying in the paid department are much less rational when making their choice in finance.

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