Theoretical aspects of the influence of social norms and cultural identity on economic behavior and consumer utility

Introduction. The phenomenon of culture is relatively new to modern economic science; it is studied exclusively within the context of behavioral economics. This work has characteristics of a scoping review based on analyzing the most well-known experiments in the field of psychology in connection with economic behavior, culture and social norms. The theoretical model of cultural transmission has existed since the 1980s, though it didn’t become really popular until 2014–2016, when behavioral manifestations, especially noticeable in the economic and social domains, were analyzed in relation to the migration crisis in European countries.

The purpose of the study is to identify the indicators of the influence of social norms and cultural identity determined by them on people’s economic behavior.

Research results. Recent publications on the topic show that there is one key objective criterion, namely language, for identifying an individual as belonging to a certain culture. It is language that shapes a person’s mentality as a perceived image of the world, including the cultural image, as well as his or her identity and self-identity. People’s economic behavior varies across countries and within countries depending on a great number of factors. In Russia, research on people’s behavior depending on their identity with particular ethnonational groups is not carried out because, according to the social norms of the Russian society, all people are equal. In the United States of America, there is a basis for such research. Statistics show that, compared to European Americans, Asian Americans tend to accumulate more human capital, more often participate in tax-advantaged programs and accumulate savings. Cultural identity significantly influences people's economic behavior determining consumer utility.

Conclusion. Cultural identity is basis on ethnonational, religious, linguistic and other features. Adherence to social norms is associated with cultural identification and impacts economic behavior in terms of responsibility and willingness to take risks. Economic behavior determines consumer preferences and influences social norms.