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Framework For Researching The Modelling Possibilities Of Institutional Behavior

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  • Milica Delibasic
  • Niksa Grgurevic

Abstract

This paper will try to conceptualise the primary structural elements of the exemplary model of institutional behavior as a framework for bounded economic rationality, based on the sublimation of the key recommendations from the extensive scientific literature and heterogeneous indicators of institutional development. Its hypothesis states that this model should be based on a) homogeneous framework of interaction between domestic political, economic and other social institutions, and b) the role of external institutions, which, in their totality determine the economic choices and the corresponding effects, and c) application of the principles, conclusions and explanations that offer institutional economic theory.

Suggested Citation

  • Milica Delibasic & Niksa Grgurevic, 2013. "Framework For Researching The Modelling Possibilities Of Institutional Behavior," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 9(4), pages 65-76.
    • Handle: RePEc:mje:mjejnl:v:9:y:2013:i:4:p:65-76
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    References listed on IDEAS

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    5. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472, Elsevier.
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