The paper studies a generic bilateral trade model with relationship-specific investments. Only the seller invests, and subsequent trade becomes inefficient if his investments are too low. We show that the seller may defect strategically under a fixed-price contract even though he attains any...

So far, the existing literature on the hold-up problem with renegotiation has imposed assumptions such that the post-renegotiation payoffs are absolutely continuous functions. Since payoffs may fail to be differentiable at the investment profile to be sustained, first order conditions for...

The article is devoted to measuring the effectiveness of institutional systems of European Union countries in terms of their relevance to the requirements of the global knowledge-based economy. The theoretical analysis is based on the framework of new institutional economics with special...

English Abstract: The first aim of this paper is to describe the main developments in the Ukrainian economy since its independence in 1991, focusing on the evolution of output, and the path of economic reforms — that is, to simply show what happened. The bottom line on that is well known:...

Polish Abstract: Celem artykułu jest przedstawienie zagadnienia " zdolność operacyjna organizacji publicznych " jako istotnego elementu w teorii war-tości publicznej. Badanie miało charakter desk research literatury dotyczącej wartości publicznej. Na początku wyjaśniono, czym jest...