TYPOLOGY OF EDUCATIONAL SERVICES MARKET PARTICIPANTS AND BEHAVIORAL MODELS THOUGH THE LENS OF BEHAVIORAL ECONOMICS

Abstract

Over the past few decades, researchers have used economics to understand a range of issues in the education market. One of the sub-disciplines of economics is behavioral economics, which incorporates psychological insights about human behavior to improve and expand economic models of decision-making. The educational services market (ESM) in modern economic science is undergoing highly dynamic changes driven by global, national, regional, and local factors. At the same time, the task of science is to identify the most significant characteristics of the studied object at a specific relevant point in time, taking into account a retrospective analysis of these characteristics in connection with the past, as well as expectations, forecasts, and future strategies. The purpose of this article is to define the essence of the educational services market, provide a typology of its participants, and identify their functions and decision-making factors from the perspective of behavioral economics. The author employs empirical research methods such as observation, comparison, abstraction, analysis, and synthesis. As a result of the research, the educational services market is defined as a set of relationships between producers and consumers of educational services, regulators, and other participants whose behavior is determined by market economy conditions, state regulation, as well as socio-cultural, psychological, and other factors. Four main groups of participants are identified: consumers, producers, regulators, and other market participants, each of which has its own decision-making factors. The article describes the key psychological and social factors influencing human behavior, including heuristics, cognitive biases, emotions, and the impact of social norms. The necessity of reforming higher education in Ukraine is emphasized, taking into account dynamic changes in society and technology, to enhance its efficiency and alignment with labor market needs. Education is a crucial factor in the future success of both individual development and the overall economic growth of a country. To ensure the effective development of the educational services market, it is essential to implement new strategies that take into account the dynamic changes in the economy, technology, and society.