Managing the mechanism of fixed capital reproduction in agricultural enterprises under digitalization conditions in the discourse of behavioral economics: economic and psychological aspects

Basyurkina Natalya
head of the Department of Commеrcial Business, Commodity Research and Business Administration of the Odesa National University of Technology, Doctor of Economics, Professor, Odesa, Ukraine, E-mail:nataliiabasiurkina@gmail.com, ORCID: https://orcid.org/0000-0001-9342-8863

Spassky Igor
head of the Department of Commеrcial Business, Commodity Research and Business Administration of the Odesa National University of Technology, Senior Lecturer, Odesa, Ukraine, E-mail:ostrov7@gmail.com, ORCID: https://orcid.org/0000-0003-0480-9264

Received: 15.04.2025    Аpproved: 27.04.2025    Рublished online: 12.05.2025

Cite this article:

Basyurkina N., Spassky I.(2025) Managing the mechanism of fixed capital reproduction in agricultural enterprises under digitalization conditions in the discourse of behavioral economics: economic and psychological aspects. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Upravlinnja mehanizmom vidtvorennja osnovnogo kapitalu agropidpryjemstv v umovah cyfrovizacii u dyskursi povedinkovoi ekonomiky: ekonomiko-psyhologichni aspekty; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 4 (329), pp.13-20.

Abstract

This research presents a comprehensive analysis of managing the fixed capital reproduction mechanism in agricultural enterprises under digitalization conditions through the lens of behavioral economics. The study explores the distinctive features of fixed capital reproduction processes in the agricultural sector, taking into account the influence of cognitive biases and psychological factors on investment decision-making. The author substantiates that traditional economic models based on the assumption of full rationality of economic entities fail to adequately explain actual investment processes in the agricultural sector. Instead, an integrative approach is proposed, combining economic analysis with an understanding of psychological decision- making mechanisms. Special attention is paid to the impact of behavioral factors such as the anchoring effect, loss aversion, overconfidence, and herd behavior on fixed capital reproduction processes in agricultural enterprises. The study also examines the transformative influence of digitalization on capital reproduction mechanisms, particularly the potential of digital technologies to overcome behavioral biases and optimize investment decisions. The author integrates Viktor Frankl's logotherapy and Karl Jaspers' existentialism ideas into the research, allowing investment decisions regarding fixed capital to be viewed not only as financial and economic but also as existentially significant acts related to the search for meaning and value realization. Based on the analysis, an innovative model for managing fixed capital reproduction in agricultural enterprises is proposed, which accounts for economic and psychological aspects of decision-making and is adapted to the challenges of digital transformation. Practical recommendations are developed for creating a "choice architecture" that promotes overcoming cognitive biases and stimulates more effective investment decisions considering digital opportunities. The research results have theoretical and practical value for developing strategies to modernize the fixed capital of agricultural enterprises and formulating state policies to stimulate investment activity in the agricultural sector.

Keywords

agricultural enterprises, fixed capital reproduction, behavioral economics, digitalization, cognitive biases, economic and psychological aspects, logotherapy, choice architecture, investment decisions, herd behavior, anchoring effect, loss aversion, digital technologies, existentialism.

JEL classification: D910; O130; Q160; D240; E220; DOI: https://doi.org/10.32680/2409-9260-2025-4-329-13-20

UD classification:338.432:330.322.2:004.9:330.16

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