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TERRA ECONOMICUS

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  • Modeling contractual transactions for the assessment of economic endeavors

Modeling contractual transactions for the assessment of economic endeavors


TERRA ECONOMICUS, , Vol. 20 (no. 3),

The article is about formalized description of economic agents’ endeavors assessment. Stemming from our previous elaborations, we build a model for contractual transactions. Different stages of a production process are analyzed. We show that transaction costs can be divided on production and non-production ones. This classification is used to assess the endeavors of economics agents. The model we build enables the analysis of different types of production cycles, distinguishing the stages, on which the problems of cooperation and motivation of individuals occur. It also makes possible to elaborate on appropriate enforcement procedures and adequate incentives to enhance the efficiency of coordination between individual agents. Our findings support the versatility of the model, as well as its applicability for agent-based modelling in institutional studies, with various types of coordination in contractual transactions. We suggest a series of further research to develop methods appropriate for selecting the type of contraction, estimating the efficient payments for agents’ efforts, investigating opportunistic behavior and reducing monitoring costs in certain types of contracting, as well as identifying ways to reduce transaction costs.
Citation: Pyzhev I., Tanenkova E. (2022). Modeling contractual transactions for the assessment of economic endeavors. Terra Economicus 20(3), 39–51 (in Russian). DOI: 10.18522/2073-6606-2022- 20-3-39-51


Keywords: institutional assessment; agent-based modelling; economic endeavors; contractual transactions; transaction costs

JEL codes: A12, D02, D23

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606