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Pluralistic Institutional Solutions Of The Problem Of Externalities

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  • Bagrat Yerznkyan

Abstract

In this paper, the evolution of institutional forms of taking account and controlling externalities is analyzed. Theorizing is based on the pluralistic from the institutional viewpoint concepts of 'transaction' and mode of coordination'. That is to say, the three types of transaction (managerial, bargaining, and rationing) indicated by John Commons which structure state-economy-society interaction and corresponding institutional setups (government regulation, Coase's market bargaining, and relational contracting with emphasis on the idea of corporate social responsibility, CSR) which structure contractual agreements. The choice of the transaction types and institutional arrangements depends on their relative efficiency. The paper includes a characterization of the Russian institutional setup and an analysis of advantages and disadvantages of the different forms of institutional arrangements designed for solving the problem of externalities.

Suggested Citation

  • Bagrat Yerznkyan, 2012. "Pluralistic Institutional Solutions Of The Problem Of Externalities," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(2), pages 73-86.
    • Handle: RePEc:mje:mjejnl:v:8:y:2012:i:2:p:73-86
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    1. repec:aud:audfin:v:21:y:2019:i:50:p:228 is not listed on IDEAS
    2. Mimo Draskovic, 2019. "Perception of the Impact of Negative Externalities on the Logistics Development of Adriatic Seaports of Koper, Rijeka and Bar," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 21(50), pages 228-228, February.
    3. Mimo Draškovic & Sanja Bauk & Dalia Streimikiene & Veselin Draskovic, 2017. "Testing the Level of Alternative Institutions as a Slowdown Factor of Economic Development: the Case of Montenegro," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 19(45), pages 477-477, May.

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