Институциональный анализ ограниченной рациональности современных россиян
The main problems of modern Russian households are analyzed in the article. The factors affecting the behavior of the Russians in the financial markets are considered. The features of the Russian labor market transformation are revealed.
Based on a sample of 5,784 Russian-speaking respondents, this study provides the first quantitative evidence on freelance contracting via the Internet. We explore the extent to which these virtual business relations are formal or informal, and the role of social capital and
networking. Our data suggest freelancers act under constant threat of malfeasance from clients. We address a number of questions associated with freelancers’ business risks and how freelancers might mitigate them. The logistic regression models reveal that the virtualization of relationships with clients is associated with greater moral hazard risks and fewer opportunities for dispute resolution. Formal written contracts do not prevent opportunistic behaviors by clients, though such contracts help resolve conflicts. Dealing with available social contacts and referrals decreases both the probability of extreme opportunism, causing financial losses, and the probability that disputes remain unresolved. Nevertheless, established social relations could be exploited by clients who
can delay payments or insist on altering deadlines, work scope and specifications. Thus, our findings contribute to existing literatures on social capital in freelance contracting and on the structure of occupational labor markets.
The objective of this paper is to find out which banks the Russian households trust more and whether they really prefer to keep their savings in the institutions that they verbally prefer. Russian households traditionally trust state-controlled banks and particularly the national champion (Sberbank) at the expense of privately-owned deposit-taking institutions. The gap in the level of trust between state-controlled banks and all others remains deep and unlikely to disappear. There is little hope in self-sustaining business of private banks that would rest on the inflow of private savings at reasonable rates. The policy implication of this finding is that the authorities will face the dilemma of ever increasing the level of private savings protection under the deposit insurance scheme (as well as the resulting public costs) in order to keep the smaller market participants afloat, or give up on the idealistic drive to artifically enhance competition in the household savings market.
The paper contains attempt to develop coherent theory of investor myopia, which takes place when agents do not take long-term outcomes of their activity into account. Investor myopia is treated as a concept which is complementary to liquidity preference: both can lead to underinvestment. But, at the same time, the former is more long-run phenomenon which is concerned with serious defects of institutional environment. The main practical conclusion is that the State is responsible for overcoming of investor myopia. This phenomenon can be considered as the key to many fundamental economic problems of developing and post-transitional economies.
In the domain of personal savings, Russia today is characterised by three main features: quite modest amount of accumulated money (total amount is equal to 12 per cent of GNP; per capita amount of saving is equal to -300), great social and geographical unevenness of savings' distribution (not more than 20 per cent of adult population have got any savings; one-third of all savings are concentrated in Moscow), and a very big portion of money saved in cash form (half of the total amount of savings). A strong propensity to save in cash is determined for the most part by a strong and growing mistrust in private banks and securities. Theoretically speaking, the amount and distribution of savings make it possible to transform into investment about 30-40 per cent of cash savings (-7-10 billion). But mistrust in private financial instruments and structures makes it unreal at least in a short-run prospect.
One of the measures implemented as a part of administrative reform in Russia was the introduction of administrative procedures — special rules for providing government services that specify the process, the timing, the sanctions, etc, which can be used by bureaucrats for coordinating their activities, and by their principals (higher ranking bureaucrats and citizens) to control their agents. The main idea behind the administrative procedures was to increase the transparency of bureaucracies that provide government services, to simplify the control over bureaucrats, to prevent corruption, and, consequently, to increase the quality of government services. But after a few years since the introduction of administrative procedures we still face the problem of low accountability of bureaucrats. Thus, the main goal of the paper is to show whether administrative procedures can solve the problem of bureaucrats’ opportunism, and if they can, what are the key determinants of their effectiveness. To answer the question we provide two simple models of interaction between bureaucrats and citizens, and bureaucrats of different ranks, and describe the links between the models, to show how the introduction of administrative procedures influences the outcome of the interaction between the agents. We also define the set of parameters that can make administrative procedures a real means of control over bureaucrats and thus lead to better quality of government services.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.