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The Neoinstitutional Contracts Theory: New Perspectives

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  • Oleg Sukharev

Abstract

A new version of the contracts theory in terms of economic agent's interaction analysis, their competition, ideas about unfavorable selection, legal efficiency/inefficiency, institutions dysfunction is elaborated in the article. The author evaluates efficiency criteria and offers his own model of effective contracting, considers conditions and restrictions of contract interactions of agents subject to the model of agents' behaviour in a view to legal efficiency and opportunism. The critical estimation of O. Williamson's contracts theory is given and the author's classification of contracts and the basis of the contract theory corresponding to the changed format of modern contracting on a microeconomic level are suggested.

Suggested Citation

  • Oleg Sukharev, 2012. "The Neoinstitutional Contracts Theory: New Perspectives," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(1), pages 87-118.
    • Handle: RePEc:mje:mjejnl:v:8:y:2012:i:1:p:87-118
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    References listed on IDEAS

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    6. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
    7. Coase, Ronald H, 1972. "Durability and Monopoly," Journal of Law and Economics, University of Chicago Press, vol. 15(1), pages 143-149, April.
    8. Ruff, Larry E., 1969. "Research and technological progress in a cournot economy," Journal of Economic Theory, Elsevier, vol. 1(4), pages 397-415, December.
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    Cited by:

    1. Oleg S. Sukharev, 2022. "Institutional adjustments in management: A theoretical-methodological approach," Upravlenets, Ural State University of Economics, vol. 13(1), pages 37-48, March.
    2. Oleg Sergeevich SUKHAREV, 2015. "Institutional Theory Of Economic Reforms: Basic Imperatives," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 4(2), pages 1-1, july.

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