TRANSFORMATION OF MARKET BEHAVIOUR PATTERNS
DOI:
https://doi.org/10.32782/2786-8273/2026-14-22Keywords:
market behaviour patterns, digitalisation of financial markets, behavioural finance, attention-induced trading, herd behaviour, robo-advising, investor protectionAbstract
The paper substantiates the content and directions of the transformation of financial market participants' behavioural patterns under digitalisation and develops an instrument for measuring it. The study combines systemic-structural analysis, a critical review of the behavioural-finance literature, the decomposition of trading activity into behaviourally distinct components, the composite-index method and comparative legal analysis of digital-finance regulation. It is shown that digitalisation does not create behavioural biases de novo but amplifies and redistributes pre-existing ones by lowering the transactional, informational and psychological barriers to their conversion into actual trades. Five patterns of transformation are identified: algorithmically mediated attention, in which recommender systems shape the investor's information field; the social transmission of trading signals within digital communities; the reshaping of risk perception through interface gamification; the delegation of decisions to algorithmic intermediaries such as robo-advisers; and the displacement of responsibility for outcomes towards the investor's technological competence. The composite Index of Transformation of Behavioural Patterns, aggregating five partial dimensions, is formalised. For the first time the behavioural consequences of digitalisation are treated not as a list of isolated effects but as an integral, measurable change in the structure of behavioural patterns, which turns them into an object of quantitative supervisory analysis. The changes are dialectical: the same technologies that reduce transaction costs and widen access to capital markets simultaneously intensify herding, overtrading and speculative risk-taking, shifting the emphasis of regulation from disclosure towards interface design. The ITBP can be used by regulators to prioritise supervisory action and by platform operators to assess the behavioural consequences of product design, which is of applied relevance for investor-protection policy in Ukraine's capital market.
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