Multiple Criteria Decision Analysis of Quality of Institutions for European Countries in the Years 2000–2013

Adam Balcerzak () and Michal Pietrzak

No 34/2016, Working Papers from Institute of Economic Research

Abstract: The article concentrates on the problem of quality of institutions in European Union countries in the context of their compatibility with the global knowledge-based economy. The main objective of the article is to evaluate the progress obtained in that field by New Member States of the European Union in the years 2000-2013. The empirical research is based on the following hypothesis: the integration process of Central European countries with the European Union has influenced the acceleration of changes leading to improvement in the quality of their institutional systems in the context of global knowledge-based economy. The first part of the paper presents the most important determinants of the ability of a country to utilize the potential of the knowledge-based economy. This analysis is conducted on the basis of institutional economics specifically transaction cost theory. In the empirical part multiple criteria decision analysis methodology (MCDA) (the modified TOPSIS method) is applied. Data from Fraser Institute data base for Economic Freedom of the World Report has been used. The empirical research is the source of significant arguments in favor of the hypothesis of the paper.

Keywords: institutional economics; quality of institutions; transaction cost theory; global knowledge-based economy; multiple criteria decision analysis (MCDA); TOPSIS; EU (search for similar items in EconPapers)
JEL-codes: C38 D02 O38 (search for similar items in EconPapers)
Date: 2016-09, Revised 2016-09
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.badania-gospodarcze.pl/images/Working_Papers/2016_No_34.pdf First version, 2016 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pes:wpaper:2016:no34

Access Statistics for this paper

More papers in Working Papers from Institute of Economic Research Contact information at EDIRC.
Bibliographic data for series maintained by Adam P. Balcerzak ( this e-mail address is bad, please contact ).