Theoretical and Methodological Approaches to Strategizing Economic Development Based on Behavioral Decision-Making Models

Relevance is driven by rising uncertainty, war-related and post-crisis shocks, digital disruptions and fragmented markets that increase the ‘price’ of strategic decisions. The article aims to systematize approaches to strategizing economic development and to justify integrating behavioral decision-making models. Growth and development are distinguished; Keynesian, neoclassical, institutional, endogenous and behavioral-cognitive models are compared. Three interaction blocks are highlighted: forecasting under bounded rationality, behavioral architecture of institutions, and transitions between development regimes. Behavioral-sensitive strategizing improves implementability through clear incentives, trust, and lower cognitive and transaction costs.