The Model of Bounded Rationality: a New Methodological Tool of Economic Theory

The main purpose of this article is to study and analyze the economic behaviour of market participants in real conditions, and to outline the very natural trait of individuals to show bounded rationality. The theoretical framework of bounded rationality is presented, and a comparative analysis is carried out between the neoclassical theory of rational behaviour and the concept of quasi-rational economic agents according to behavioural economics. Special emphasis is placed on the correlation between the decisionmaking process and the concept of limited rationality. This article confirms the thesis that the model of the rational economic individual is not the best model. Research in this area proves that this model has great imperfections, but, at the moment, the empirical material is still not enough to create another, newer and practically applicable model of behaviour of the real economic person, which is characterized by bounded rationality.

Influence of the COVID-19 Pandemic on the Woric of the Bulgarian Pension Market

The article examines the growing threat of the COVID-19 pandemic and its impact on the Bulgarian pension market. The applied investment regulatory approaches are considered an objective necessity and a prerequisite for making investment decisions in the context of a pandemic situation. The main trends of the return, realized by the pension funds for the previous and the current year, and its ratio to the alternative losses are indicated through an analysis of statistical data in the context of the first pensions granted to the insured persons of the universal pension funds.

Characteristics of the ERP Systems Designed for Managing Small Businesses

This article mainly aims to introduce the particular charactersitics of the ERP systems, used for managing small businesses, by answering several basic questions related to this topic: What do we generally understand by ERP systems? What is the essence of ERP for small business? What is the role of ERP for small business? What do we understand by small business? What are the characteristics of small business? What is the role of small business in society? What are the basic problems of small business? What is today’s business environment? In this respect, the report introduces the essence and the role of the ERP systems used for managing small business organizations in a structured and summarized way. It shows how the specific characteristics of small business and today’s business environment affect the ERP configurations, compared to those used in large organizations. At the end of the paper, a summary is provided of the characteristics of the ERP systems used for managing small organizations.

Forecasting Research and Technoscience: Contemporary Status, Specifics and Prospects

The article emphasizes the role of the advancement of modern science and new technologies in forecasting research as a key factor for making prognoses for the future. It presents the concept of technoscience, developed by the author, as a blend and symbiosis of modern science and technologies, converging on the basis of similar purposes, objects of treatment and outcomes, as well as of the rising engagement with social interests and attitudes. Furthermore, the main kinds of forecasting research with their specifics, advantages and limitations are outlined, pointing out the special role of building foresight scenarios for the future as a prognosis and policy instrument. The tendencies in this field of research are identified, revealing the challenges related to modern technoscience, and the possible solutions.

Service Pricing In Bulgaria

The article aims to find out how companies operating in Bulgaria determine the prices of their services. In this regard, a review is carried out of the theoretical and empirical research on service pricing, and the results are presented from an online survey including 100 managers/marketing directors of companies that operate in Bulgaria and offer services. The article establishes the pricing factors of substantial importance for the companies in the sector of services, the most common pricing objectives, as well as which pricing strategies, methods and tactics are applied. In addition, the most common reasons for price increase or reduction are considered.

Conceptual Framework of Behavioural Economics

The main purpose of this paper is to systematize the characteristics of behavioural economics, and, on this basis, to highlight the differences between behavioural economics and neoclassical economics. Special emphasis is placed on the differences between the real and the rational economic man. Attention is focused on economic choice modelling under the influence of behavioural economics and the emergence of the so-called limited rationality. The paper also presents the methodological tools of behavioural economics, as well as the principles on which it is built as a modern branch of economic theory.

Stabilizing Reforms As a Factor for the Development of the Republic of Indonesia

As a member of the G20, the Republic of Indonesia has huge economic power. It occupies the first place in the Southeast Asia region and the fifth place in the world in terms of economic growth rate, which reached 10.5% in 2019. From this point of view, Indonesia is an industrial country enjoying steady economic growth. Under the leadership of President Joko Widodo, the Indonesian government has implemented a number of economic reforms, the most important of which is the establishment of 19 programmes as priorities for the development agenda, which includes human resources development, building infrastructure, including new capital, increasing interconnectedness via the Maritime Highway Programme, village development, and enabling ending and sector improvement taxes through the tax amnesty programme. Despite some decline due to the COVID-19 pandemic, the performance of the Indonesian economy was better in 2020 than that of some other countries in the ASEAN region, and member countries of the G20 experienced a deeper contraction. In that period, Indonesia’s economy achieved a growth rate of 2.07%, and the World Bank boosted Indonesia’s rating within the upper middle-income countries for its success in achieving an overall increase in national income per capita from $3,840 to $4,050.

Competitiveness of Female Entrepreneurs in Bulgaria

The intensive development of women’s entrepreneurship in Bulgaria arouses great interest among researchers, policy makers, institutions, and media. Therefore, the current paper aims to address some of the key issues related to this phenomenon. In particular, it attempts to reveal the prerequisites that encourage women to found and run their own business, the role of training in this process, and the important knowledge that enables women to take entrepreneurial initiatives. The study is based on data from a survey through a standardized questionnaire among 176 female entrepreneurs in the country.