Montenegrin Journal of Economics


Specificity Of "Contractual" Relations Of Government And Business In Russian Fuel And Energy Sector

Bagrat Yerznkyan

2006, vol. 2, no. 3, p. 139-150


Specific relations of government and business in Russian fuel and energy sector described as "contractual" are considered. Two players – government and business – play a dynamic contractual play, i.e. they make some series of agreements concerning rentdistribution amongst them. To model this game, we use simple contractual scheme of O. Williamson. Such a model permit us demonstrate relations of three business players, namely: oil, gas and electricity players, from one hand, and the government, from another. Dynamics means that we consider three stages – retrospective, presentday and perspective. Some conclusions of perspective strategy for development of Russian economy are done.


suggested citation:

Bagrat Yerznkyan. "Specificity Of 'Contractual' Relations Of Government And Business In Russian Fuel And Energy Sector." Montenegrin Journal of Economics. vol. 2, no. 3, 2006, p. 139-150

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