Institutions as Tools of Regulating Opportunism in Market Transactions
AbstractThe article studies opportunistic behaviour of economic agents under conditions of economy transformation. A range of various institutions that influence restriction of opportunistic behaviour of individuals is analysed. Such institutions are presented in the form of formal and informal rules of behaviour in the society. Formal rules include political and economic rules and contracts; informal include moral values and psychological patterns shared by society, common practices, traditions, taboos, religious beliefs, etc. The study revealed that the most efficient restrictors of opportunistic behaviour are informal institutions.
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Bibliographic InfoArticle provided by RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE), Kharkiv National University of Economics in its journal Business Inform.
Volume (Year): (2013)
Issue (Month): 2 ()
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Web page: http://www.business-inform.net
opportunistic behaviour; transactions; institutions; market economy;
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