EVOLUTION OF PARADIGMS OF SCIENTIFIC RATIONALITY AS A METHODOLOGICAL FOUNDATION FOR THE DEVELOPMENT OF INVESTMENT DECISION THEORY
Keywords:
научная рациональность, классическая рациональность, неклассическая рациональность, постнеклассическая рациональность, инвестиционные решения, методы инвестиционного анализа, жизненный цикл организации, управление в условиях неопределённостиAbstract
Problem. This research is dedicated to the methodological reinterpretation of the toolkit for making investment decisions in conditions of increasing complexity of economic systems and growing fundamental uncertainty, which actualizes the need for new approaches. Methodology. The methodological basis of the work is the concept of historically successive types of scientific rationality (classical, non-classical, post-non-classical). Within this theoretical framework, methods of theoretical and historical-genetic analysis, comparative analysis, and systematization were applied to study the evolution of investment analysis methods. Research Results. The logic of the transformation of investment methods, demonstrating their connection with the change of paradigms, has been reconstructed. A correspondence has been established between the rigid determinism of classical rationality and static and discounted models (Net Present Value – NPV, Internal Rate of Return – IRR), the probabilistic determinism of the non-classical paradigm and methods of risk accounting (scenario analysis, Monte Carlo), and the systemic post-non-classical rationality and tools for managing opportunities (real options, multi-criteria analysis). It is shown that in modern practice, all three types of rationality form a hierarchical decision-making system. The integration of behavioral economics within the post-non-classical paradigm is considered, the influence of digitalization on the evolution of rationality in investment analysis is investigated, and an analysis of post-non-classical rationality and sustainable development (environmental, social, and corporate governance – ESG) as a new paradigm is conducted. Practical Application. The key finding substantiates the necessity of applying post-non-classical rationality as a methodological basis for improving investment methods. This approach is adequate for accounting for non-linear dynamics, integrating the value orientations of the management subject, and transforming uncertainty into a source of strategic opportunities, thereby forming the foundation for further applied developments. Practical recommendations are presented for organizations striving to build a balanced system of investment analysis.Downloads
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