Abstract: The subject of this research is the development of the domestic service sector within the framework of digitalization of economic space. The goal consists in determination of the processes of dependence of the development of service sector in the context of digital transformation of the economy of the Russian Federation at the current stage of development of the national economy. The author sets the following tasks: to analyze the key economic indicators of the development of service sector in the Russian Federation; to reveal the peculiarities of digital transformation of business in this sphere; to determine the development patterns in service sector under the influence of digital processes. As a result, the author identifies the patterns and trends in the development of service sector under the influence of digital processes – increase in activity ratio and decrease in staff size. The acquired materials can be used for promoting the development of service sector on the macro- and micro-levels, which defines the value of this research. The scientific novelty consists in the formed matrix of interrelation between the development of separate branches of service sector and the processes of business digitalization. The article reveals heterogeneity in the sphere of digitalization of business processes in the service sector of the Russian Federation, as well as the trend of relative increase of the efficiency of enterprises in the industries characterized by high digital activity.

Abstract: This article explores the question of defining the utility function of an investor within the framework of solving of investor’s problem. Due to their characteristic features, the securities afford an opportunity to the financial market participants to implement various focus strategies in the area of investment management. The basic idea of investment decision-making implies the optimization of utility as a method for achieving the utmost possible utility within the existing budget. The final solution of optimization process is the conclusion on the content and volume of procured products and services at a particular price, and represents consumer choice. Due to popularity of portfolio investment, the analysis of approaches towards modeling of the investor’s preferences is of great practical and theoretical interest. Theoretical models for analyzing the investor’s preferences, namely the utility function, comprise the subject of this research. It is established that in the context of economic practice, from the investors’ perspective, application of the utility function tools is complicated and requires improvement, because is extremely difficult to interpret the interrelation of any securities with others, due to the reason that investment appeal of the assets is affected by an entire set of factors, and the question of their determination or comparison is yet insufficiently studied. Based on examination and critical approach to scientific works of the founders and successors of the portfolio theory, as well as their perception of the elements of the utility function, the author suggests ways for improving the considered approach.

Abstract: The subject of this research is the category of risk of the investment portfolio. Currently, stock market is one of the key structural elements of financial system of any country’s economy. Investing into the market financial assets can benefit both, legal and private entities. Competent management of the investment portfolio allow obtaining an acceptable level of income; however, suggests a qualitative and quantitative risk analysis accompanying the investment process. The complexity of risk phenomena, represented by multiple ambiguously related factors, peculiarities of manifestation of risk in different spheres of activities of economic entities, substantiate the need for a comprehensive examination of these factors and application of its results in risk management practice of the organization as a whole, as well as within the framework of its investment activity in particular. This article is dedicated to the analysis of classification of risks faced by the investor in terms of formation of securities portfolio. The author proposed the definition of financial risk that allows reflecting the multiplicity of its form at the level of an independent investment or investment portfolio. The scientific novelty lies in formulation of the definition of financial risk of the investment portfolio as the system of qualitatively irreducible factors, each of which characterizes potentially unfavorable set of circumstances accompanying the investment process, as well as overcoming the traditional for investment analysis direct identification of risk with volatility of qualitative factors defining both, an independent investment, as well as investment portfolio.