Partnership as a market interaction of economic agents: transaction costs and property rights specification
DOI:
https://doi.org/10.14571/brajets.v17.nse3.137-147Keywords:
state - private partnership (SPP), public procurements, efficiency of SPP, transaction expenses, economic contactsAbstract
The article is devoted to the analysis of market exchange, which mediates a simple two-way transfer of goods, services or money between economic agents. Exchange is a form of institutionalization of purchase and sale relations between participants in a market transaction. The relationship of participants in market transactions can be represented as a multi-level system through the exchange of material goods, services, and financial assets. In terms of supply and demand, the economic relations of market agents are regulated by numerous institutions capable of reducing various forms of transaction costs. In practice, the form of economic exchange is a formal contract, which postulates all the conditions of the transaction.References
Agusmidah, & Shalihah, F. (2023). Indonesian migrant workers: a socio-economic analysis with regard to the integrated services practice implementation. Economic Annals-XXI, 203(5-6), 70-75. doi: https://doi.org/10.21003/ea.V203-08
Akintoye A., & Beck M. (2009). Policy, finance & management for public-private partnerships. Published by Blackwell Publishing Ltd, London, 457 p.
Alchian A. A., & Demsetz H. (1972). Production, information costs, and economic organization. American Economic Review, v. 62, № 6.
Barzel Y. (1982). Measurement costs and the organization of markets. Journal of Law and Economics, v. 25, No. 1.Р. 28.
Boronos V., & Kotenko N. (2011). Influence of risks complementarity distribution on efficiency of public and private partnership use in the sphere of ecological services. the Mechanism of economy regulation, No. 1, - page 54 - 66.
Burger Ph., & Hawkesworth I. (2011). How To Attain Value for Money: Comparing SPP and Traditional Infrastructure Public Procurement [Electronic resource]. OECD Journal on Budgeting. № 1, - р. 91 - 146. – Access mode: http: //www.oecd-ilibrary
Coase R. H. (1937). The nature of the firm. Economica, V. 4, № 5.
Commons J. (1931). Industrial Economics. American Economic Review. Vol. 21. No. 4. P.652.
Commons John R. (Mar., 1936). Institutional Economics. American Economic Review, Vol. 26, No. 1, Supplement, Papers and Proceedings of the Forty-eighth Annual Meeting of the American Economic Association., pp. 237-249.
Chetthamrongchai, P., Stepanenko, O.G., Saenko, N.R., .Aglyamova, G., Iswanto, A.H. (2022). A Developed Op-timization Model for Mass Production Scheduling Considering the Role of Waste Materials. International Journal of Industrial Engineering and Management, 2022, 13(2), pp. 135–144
Chernyakova, M., & Guslyakov, M. (2024). Corporate Social Responsibility and Corporate Revenue Management: Problems of Mutual Influence. Krasnoyarsk Science: Economic Journal, 13(2), 33-43. https://doi.org/10.12731/2070-7568-2024-13-2-241
Demsetz H. (1967). Toward a theory of property rights. American Economic Review, v. 57, N 2. - р. 347.
Douglas North. (1997). Institutions, institutional changes and the functioning of the economy / Per. from English A. N. Nesterenko;foreword and scientific ed. B.Z. Milner. - M.: Fund of the economic book "Beginnings".
Dube, B., Mahlomaholo, S., Setlalentoa, W., & Tarman, B. (2023). Creating Sustainable Learning Environments in the Era of the Posthuman: Towards Borderless Curriculum. Journal of Curriculum Studies Research, 5(1), i-x. https://doi.org/10.46303/jcsr.2023.1
Fedotkina, L., & Levkin, N. (2023). Approaches to Analyzing the Essence of State Financial Control over the Use of Budgetary Funds. Krasnoyarsk Science: Economic Journal, 12(4), 45-60. https://doi.org/10.12731/2070-7568-2023-12-4-45-60
Grimsey D., & Lewis M. (2004). Public-private partnership: the worldwide revolution in infrastructure provision and project finance. Edward Elgar publishing Ltd, 285 p.
Hodgson J. (2003). Economic theory and institutions: Manifesto of modern institutional economic theory / Trans. with English. - Moscow: Delo, Chapter 7. "Contracts and property rights" - P. 221.
Ishenin D. Govorkov S., Teslenko I., Klykov M., Kabanov O., Lyalin E., Mukhamedova Z., Shaposhnikov A. (2021). An Algorithm for Computer-Aided Design of A Technological Process with Preset Manufacturability Parameters, Procedia Environmental Science, Engineering and Management, 8 (4), 733-738.
Jensen M. C., & Meckling W. H. (1973). Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, v. 3, № 5.
Karl Marx. (2019). Capital/ Translator: Alekseev S. Editor: Ustinova A. Publisher: Exmo-Press.
Korableva, O. N., Mityakova, V. N., & Kalimullina, O. V. (2020). Designing a decision support system for predicting innovation activity. Paper presented at the ICEIS 2020 - Proceedings of the 22nd International Conference on Enterprise Information Systems, 1 619-625
Korableva, O., & Kalimullina, O (2023). Digital currency as a tool for reducing information asymmetry (start-ups' financing example). International review. Issue 3-4, Page172-183. http://doi:10.5937/intrev2304169K
Kurniady, D. A., Nurochim, N., Komariah, A., Turwelis, T., Hoi, H. T., & Ca, V. H. (2022). Construction project progress evaluation using a quantitative approach by considering time, cost and quality. International Journal of Industrial Engineering and Management, 13(1), 49-57, https://doi.org/10.24867/IJIEM-2022-1-300.
Mityakov, E., & Kulikova, N. (2024). Expert insights into mesolevel industrial ecosystems: pathways for economic transformation. International Journal of Industrial Engineering and Management, 15(3), 213–224. https://doi.org/10.24867/IJIEM-2024-3-358
Nainggolan, N., Maghsoudlou, E., AlWadi, B. M., Atamurotov, F., Kosov, M., & Putra, W. (2024). Advancements in Optimization for Automotive Manufacturing: Hybrid Approaches and Machine Learning. International Journal of Industrial Engineering and Management, 15(3), 254–263. https://doi.org/10.24867/IJIEM-2024-3-361
Panova, E., Vaslavskaya, I., Bashkirova, K., Frolova, N., Semikin, D., & Semikina, Y. (2023). Research on the level of financial literacy of students: the case of Moscow polytechnic university. International review. Issue 3-4, Page 71-80. http://doi:10.5937/intrev2304070P
Pejovich S. (1981). Fundamentals of economics: a property rights approach. -Dallas.
Pogosyan, V. G. (2021a). Problem of diffusion of innovations: a historical retrospective. Voprosy Istorii, 2021(5-2), 24-32. https://doi.org/10.31166/VoprosyIstorii202105Statyi30
Pogosyan, V. G. (2021b). The Systemic Approach to research a Phenomenon: A Historiographical Study. Voprosy Istorii, 2021(4_2), 253-265. https://doi.org/10.31166/VoprosyIstorii202104Statyi62
Pogosyan, V. G. (2021c). Historiosophical reflections in the Post-globalization Era. Voprosy Istorii, 6(1), 26-35. https://doi.org/10.31166/VoprosyIstorii202106Statyi12
Rahmani, F., Valmohammadi, C., & Fathi, K. (2022). Detecting fraudulent transactions in banking cards using scale‐free graphs. Concurrency and Computation: Practice and Experience, 34(19), e7028.
Ram, M., Afrash, M. R., Moulaei, K., Parvin, M., Esmaeeli, E., Karbasi, Z., ... & Sabahi, A. (2024). Application of artificial intelligence in chronic myeloid leukemia (CML) disease prediction and management: a scoping review. BMC cancer, 24(1), 1026.
Saenko, N., Voronkova, O., Volk, M., & Voroshilova, O. (2019). The social responsibility of a scientist: Philosophical aspect of contemporary discussions. Journal of Social Studies Education Research, 10(3), 332-345.
Safiullin, M. R. Grunichev A. S., Elshin L. A. (2022). Reputation economics as a new paradigm for researching the environmental potential of a region. Procedia Environmental Science, Engineering and Management. Vol. 8, No. 4. – P. 1015-1020.
SmithA. (2017). Study on the nature and causes of the wealth of peoples.The Great Economists Series - Moscow: Eksmo Publishing House.
Stigler, J.J. (2000). Economic Information Theory. Milestones in Economic Thought. Volume 2. Theory of the company / Ed. V. M. Halperin - St. Petersburg: School of Economics, 2000. - P. 507-529 - 534s. - ISBN 5-900428-49-4 (English the economics of information, 1961)
Vaslavskaya, I. Y., & Khakimova, S. D. (2018). The ownership specification as the basis for effective institutionalization of partner economic relations. Scientific Journal “Herald National Academy of Managerial Staff of Culture and Arts”, 3 (2), 110-112.
Vaslavskaya, I. Y, & Vaslavskiy Y.I. (2019). State-private partnership: institutional approach / Textbook for high schools. Moscow Publishing house "Aspect Press" P. 413
Williamson O. (1996). The economic institutions of capitalism:firms, markets, "relational" contracting. St. Petersburg: Lenizdat.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Yan Vaslavskiy
This work is licensed under a Creative Commons Attribution 4.0 International License.
The BRAJETS follows the policy for Open Access Journals, provides immediate and free access to its content, following the principle that making scientific knowledge freely available to the public supports a greater global exchange of knowledge and provides more international democratization of knowledge. Therefore, no fees apply, whether for submission, evaluation, publication, viewing or downloading of articles. In this sense, the authors who publish in this journal agree with the following terms: A) The authors retain the copyright and grant the journal the right to first publication, with the work simultaneously licensed under the Creative Commons Attribution License (CC BY), allowing the sharing of the work with recognition of the authorship of the work and initial publication in this journal. B) Authors are authorized to distribute non-exclusively the version of the work published in this journal (eg, publish in the institutional and non-institutional repository, as well as a book chapter), with acknowledgment of authorship and initial publication in this journal. C) Authors are encouraged to publish and distribute their work online (eg, online repositories or on their personal page), as well as to increase the impact and citation of the published work.