Behavioral economics and behavioral finance as a necessary stage in the development of the homo economicus model

Crises in the world economically occur more often. New trends in consumer behavior are emerging. It’s cannot be fully explained by economic theories, which are based on the homo economicus model in its modern interpretation. Therefore, an urgent task for the scientific community is the modernization and adaptation of the homo economicus model to the changed conditions. The main idea of the article is presenting the behavioral theory as a continuation of the homo economicus model. The article presents a brief description of the modern homo economicus model, the problems of its development. We formulated three key problems, which are: an increase of information and ways of it obtaining; personification of the economy; the formation of emotions as a new economic good. Much attention is given to presenting of the essence, causes of development and interdisciplinary nature of the behavioral theory. It is spoken in detail about the key role of behavioral finance as a direction of behavioral theory with the greatest potential for practical application. Further authors report stages of behavioral theory developing and modern scientific discourse in this area. Authors state that it is impossible to oppose the neoclassical paradigm of economic man and behavioral theory. It can act as an additional toolkit for explaining situations of deviation from rational choice. In conclusion authors write about an example of explanation from the standpoint of the behavioral theory of household decisions in the field of application of environmentally friendly energy sources.