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Forecasting the Evolution of Economic Institutions

Author Affiliations

  • 1 Department of Economics, Yugra State University, 628012, Khanty-Mansy autonomous region – Yugra, Khanty-Mansiysk, Chehova street, 16 RUSSIA

Res. J. Recent Sci., Volume 3, Issue (IVC-2014), Pages 161-165, (2014)

Abstract

The paper considers the existing approaches to forecasting development of institutions. It shows drawbacks of the existing approaches and proposes an approach to forecasting the evolution of institutions based on assessment of their impact on the level of transaction costs of economic agents. The possibilities of the proposed approach to explain the phenomena of institutional trap are shown. On the base of transaction approach an adequate model of interaction between economic agents and institutions is developed which allows to forecasting the institution dissemination among economic agents. Also this model allows to forecasting emergence the institutional traps.

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