Scientific journal NRU ITMO
Series "Economics and Environmental Management"
Registration certificate ЭЛ № ФС 77 – 55411 от 17.09.2013
registered by the Federal Inspectorate Service for Communication, Information Technologies and Communication Media

June 2016 (published: 20.06.2016)

Number 2(25)

Home > Issue > Ethics and trust as tools to minimize transaction costs in innovation activities

UDC 338

Ethics and trust as tools to minimize transaction costs in innovation activities

Dorzhieva E.L.

Innovation is one of the most important conditions of competitiveness and economic development. However, the transition to innovative development is associated with high levels of transaction costs. The article describes the main types of transaction costs related to the implementation of innovation. Effective tools to reduce transaction costs of innovation activities, according to the author, are informal institutions such as ethics and trust. Ethics and trust are the tools consolidate the institutions that would significantly reduce transaction costs, especially information search, measurement, and opportunistic behavior. The author shows the factors of positive influence of high level of trust and ethics in the innovative development of the economy through reductions in transaction costs: facilitating the coordination of interests of economic agents of the innovation process, accelerate information exchange and cooperation in the innovative sphere, innovative risk minimization and etc.
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Keywords: ethics, trust, transaction costs, innovation activity, formal and informal institutions.

DOI 10.17586/2310-1172-2016-9-2-61-64

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