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Hrabrin Bachev

Journal of Applied Economic Sciences, 2009, vol. 4, issue 2(8)_ Summer 2009

Abstract: In this paper we incorporate the interdisciplinary New Institutional and Transaction Costs Economics (combining Economics, Organization, Law, Sociology, Behavioural and Political Sciences), and suggest a framework for analyzing the mechanisms of governance of sustainable development. Our new approach takes into account the role of specific institutional environment; and the behavioural characteristics of individual agents (personal preferences, bounded rationality, tendency for opportunism, trust, risk aversion); and the transaction costs associated with the various forms of governance; and the critical factors of economic activity and exchanges (such as appropriability, frequency, uncertainty, and asset specificity of transactions); and the comparative efficiency of market, private, public and hybrid modes; and the potential of production structures for adaptation; and the comparative efficiency of alternative modes for public intervention. Agricultural sector is used to illustrate that new approach and support with examples.

Keywords: institutions; market; private; public and hybrid modes; agrarian sustainability (search for similar items in EconPapers)
Date: 2009
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Working Paper: Mechanisms of Governance of Sustainable Development (2009) Downloads
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